The Central Board of Revenue (CBR) has decided to combine, in budget 2005-06, all SROs pertaining to concessional rates of customs duty on import of raw materials, goods and equipment. Official sources told Business Recorder on Monday that CBR has decided to reduce the number of concessionary notifications to simplify the import procedure for the investors and business community. Currently, there are 18 concessionary customs notifications, which are mostly availed for import of items at concessional rate. Out of these 18 notifications, 13 are without Pakistan Customs Tariff (PCT) Code, which makes them non-computer compatible. Even the five SRO with notified PCTs are not conclusive.
The CBR has also decided to make the format of concessional SROs computer-compatible so that the economic ministries could easily compile customs-related data on regular basis.
Officials said that total 40 customs notifications are enforced and subsequently used by the business community. The notifications, which have become redundant, would be rescinded in the budget. The CBR is determining the number of customs notifications which are practically availed by importers.
There are many typographical errors in the notifications, which will be corrected in the budget, the officials said.
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