ISLAMABAD: The Federal Board of Revenue (FBR) has imposed regulatory duties on the import of over 80 luxury and non-essential items including stationary items, imported chocolates, drinks, sanitary items, and coffee of foreign brands from July 1, 2021. The FBR has issued SRO 840(I)/2021 to supersede its Notification No SRO 680(I)/2019, dated the 28th June 2019.
The federal government has imposed a regulatory duty on import of goods specified falling under the Pakistan Customs Tariff (PCT) Code of the First Schedule to the Customs Act at the rates specified.
Under SRO840(I)2021, the FBR has revised the notification relating to the regulatory duties on the import of 599 items and Additional Customs Duties (ADCs) on the import of items from July 1, 2021.
The FBR has also reduced regulatory duty on the export of Molasses from 15 to 10 percent and raw and web blue hide and skins from 20 to 10 percent from July 1, 2021.
The FBR has amended SRO dealing with the RDs on exports through a notification issued, here on Thursday.
The FBR has also reduced ACD on goods falling under 2,436 tariff lines pertaining to 20 percent customs duty slab from seven percent to six percent.
Under SRO845(I)/2021, the FBR will charge two percent additional customs duty on the import of items falling under the customs tariff slabs of zero percent, three percent, and 11 percent.
In case of zero-percent customs tariff slab, two percent ADC would be applicable only on the import of an item covered under the PCT code 72.04.
The FBR will collect four percent additional customs duty on the import of items falling under the customs tariff slab of 16 percent.
The additional customs duty at the rate of six percent would be collected on the import of goods covered under the customs tariff slab of 20 percent.
The FBR will collect seven percent additional customs duty on the import of items falling under the customs tariff slab of 30 percent except PCT headings specified in the notification.
The value of goods for the purpose of this notification would be the value of goods as determined under Section 25 of Section 25A of the Customs Act 1969, as the case may be.
The said duty would not be applicable on the import of items specified in the notification.
Through another notification, the FBR has also exempted customs duty, additional customs duty and regulatory duties on the import of 61 Covid-related items/apparatus up to December 31, 2021.
The FBR has also allowed exemption from customs duty on import of vehicles by war-disabled defence force personnel or by civil disabled personnel under SRO839(I)/2021.
The FBR has allowed reduction/exemption of CD, ACD and RD on import of goods falling under 589 PCT codes to incentivise the textile industry; reduction/exemption of CD, ACD and RD on import of flat rolled products of HRC and stainless steel and reduction/exemption of CD and ACD on raw materials, and intermediary goods and point of sale machines falling under 328 tariff lines as a consequent of tariff rationalisation.
Copyright Business Recorder, 2021