The Central Board of Revenue (CBR) has allowed concessionary import of acetate yarn, cuprammonium rayon and textured yarn of nylon or other polyamides at minimum five percent duty by any importer to promote domestic industries.
Previously, only the textile sector was permitted concessional import of these items. Now, the CBR has withdrawn specific condition of the import by the textile sector in case of these yarns.
The CBR introduced amendments in SRO 457(I)/2004 through SRO (I)/2004 issued here on Wednesday.
According to another notification, the aluminium processing units would be entitled to import "Aluminium Foil Stock (sheet) exceeding 0.2 mm" on payment of five percent customs duty.
Previously, Aluminium Processing Industries and Pakistan Metal Industries were specified as importers of this item. Now, the CBR has specified that the aluminium processing units were entitled to make such imports.
THE FOLLOWING IS THE TEXT OF THE NOTIFICATION:
"In exercise of the powers conferred by Section 19 of the Customs Act, 1969 (IV of 1969), the Federal government is pleased to direct that the following amendments shall be made in its notification No SRO 457(I)/2004 dated June 12, namely: In the aforesaid notification in the table column 1.
(i) Against S.No 48, 52 and 53, in column 5, for the words "If imported by textile sector", the word "Nil", shall be substituted; and
(ii) Against S.No 88 in column 5 for the words, brackets and numbers "if imported by (a) Aluminium Processing Industries (b) Pakistan Metal Industries" the words "if imported by Aluminium Processing Units", shall be substituted.
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