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ISLAMABAD: The Federal Board of Revenue (FBR) has issued a revised list of items allowing concessionary rate of customs duty or zero percent duty on the import of items from China with effect from July 1, 2022.

The FBR has issued SRO1181(I)2022 here on Monday to amend the SRO 1640 (I)/2019.

The FBR has issued 6,917 customs tariff lines for specifying the concessionary rates of customs duty on the import of items from China.

The goods are manufactured or produced and imported in conformity with the Rules of Determination of Origin of Goods and the operational certification procedures for the Rules of Origin notified by the Ministry of Commerce vide SRO 1286(I)/ 2005, dated 24th December 2005 read with the Import Policy Order, 2016.

Using RMB/PKR in bilateral trade: PM directs SBP to hold meetings with Chinese banks

The SRO 1640 (I)/2019 deals with the exemption or reduced rate of duty on the import of items from China.

From July 1, 2022, the FBR has amended the said SRO to revise the list of items and duty structure on the import of these items from China.

Copyright Business Recorder, 2022

Comments

1000 characters
Sajjad Mahdi Aug 04, 2022 01:27am
Where is the list
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arshad Khan Aug 05, 2022 07:55am
And then they tell us that trade deficit is our biggest concern. Imagine that.
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Hassan Aug 05, 2022 11:07am
Why have you but printed the list?
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ahmad Aug 05, 2022 11:56am
@Sajjad Mahdi, copy the sro and google it you will find it
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samir sardana Aug 05, 2022 02:11pm
The aim is NOT to swap the domestic manufacturing with Imports. The aim is to swap NATION X,for Imports with PRC. Y ? IT IS A WAY TO EXIT THE USD,& SWAP USD & PKR LOANS TO YUAN - as IMPORTS WILL BE IN YUAN/REM CHINESE BANKS WILL ACCEPT,PAKISTAN BANK LCs- so confirmation NA & the LCs can be rolled over. In addition,on principles of supplier partnership - LCs can be OBVIATED, & the Chinese suppliers can SEND THE DOCUMENTS,TO THE importers bank,for collection OR The Chinese supplier can draw a draft on the Pakistani importer,who will accept, & then, the Supplier can present it to Habib in China, for discounting - or its correspondent.dindooohindoo So Pakistani Banks need to focus on CHINA as far as branches are concerned - & with time as the payments flow - export credit insurance rates (for Chinese exporter) will fall,& Pakistani importers will be RATED by Chinese Raters - & DRAFTS will be freely negotiable with any Chinese Bank in the world
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SAMIR SARDANA Aug 05, 2022 05:28pm
Even if Pakistan manufacturing is swapped for Chinese Nil Duty Imports,the deconstruction matrix is as under: - The local manufacturer may be using imported raw materials or deemed imported materials (Deemed imported materials are those imported by 3 rd parties or those bought on landed cost principles) And that raw material might IN ANY CASE,MUST BE BEING SMUGGLED INTO PAKISTAN - SO THERE IS NO DUTY LOSS TO THE GOP. FOR IMPORTS BY EOUs - THERE IS NO DUTY LOSS BUT BY BUYING THE FINISHED GOODS FROM PRC - GOP SAVES THE ENTIRE POWER AND GAS USED IN MANUFACTURING ! THAT IS A SAVING OF FX, AND ALSO,THE LOCAL MANUFACTURER,MIGHT NOT HAVE BEEN PAYING FOR POWER - SO THERE IS A SAVING OF FX,AND CIRCULAR DEBT OF POWER BUT THAT IS NOT ALL BY NOT MAKING IN PAKISTAN, THE POWER SAVED CAN BE USED FOR ITES AND TEXTILE EXPORTS AND THE GAS USED IN IPP AND LOCAL MANUFACTURING,CAN ALSO BE USED,FOR TEXTILE EXPORTS SO BY IMPORTING FROM PRC - ITEMS MADE IN PAKISTAN - GOP WILL SAVE AND "EARN FX".
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SAMIR SARDANA Aug 05, 2022 06:18pm
HOW TO BRING THE RETAILER INTO THE DIGI SUPPLY CHAIN ? The retailer is buying on Inter state sale OR local sale.In some nations Inter state taxes are NOT vatable (except under a VAT or GST).If X is allowed to VAT the Interstate tax on the POS tax on sale to user - and then,say keep 0.15% of the invoice price,and if retailers with a sales of less than 10000 USD are exempt from Profit tax - then,these retailers might step in OR GOP can have a MRP or deemed price for all products - printed on the same - and the Sales tax on the said price can be RECOVERED BY THE MANUFACTURER OR DEALER ITSELF FOR NON VATTABLE ITEMS LIKE FMCG - AND THE RETAIL CHAIN CAN BE EXEMPT FROM SALES TAX.THERE IS A COST TO REGULATE THE MILLIONS OF RETAILERS,AND ALSO, HUGE IT INFRA REQUIRED. A USER WHO CAN CLAIM VAT/GST - WILL IN ANY CASE,BUY FROM A DEALER,AS A REGISTERED RETAILER - MAY NOT BE ABLE TO OFFER HIM THE QUANTITY DISCOUNT SOUGHT.INDUSTRIAL USERS WILL BUY FROM DEALERS OR MANUFACTURERS,IN ANY CASE.
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