ISLAMABAD: The Federal Board of Revenue (FBR) has abolished 60 percent regulatory duty on the import of wheat from July 21, 2020. The FBR has amended SRO.680(I)/2020 through an SRO.633(I)/2020 issued here on Tuesday.
According to the decision of the Economic Coordination Committee (ECC) of the Cabinet, imported wheat will be exempted from the Anti-Hoarding Act imposed by the provincial governments on producing verified import record by the importers. The import of wheat through the private sector for unlimited period, in the HS Code Category of wheat grain-1001.1900 and 1001.9900, few taxes and duties have been abolished including, regulatory duty 60 percent, custom duty 11 percent, sales tax 17 percent, and withholding tax six percent.
Copyright Business Recorder, 2020
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