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ISLAMABAD: The Federal Board of Revenue (FBR) has abolished regulatory duties on a wide range of items including synthetic filament yarn of polyester and second hand clothing.

According to the Finance Bill 2023 issued on Friday, the FBR has removed regulatory duty on second hand clothing to provide relief to the poor segment of the society. There is reduction on the regulatory duty on 151 PCT codes pertaining to second hand clothing, fish, tiles, sports goods.

The regulatory duty on IT related equipment to encourage Information Technology sector has been abolished, too.

Luxury items including vehicles, mobile phones: RDs imposed through SROs on import expired in March: FBR

The FBR removed the regulatory duty on synthetic filament yarn of Polyester not manufactured locally. The FBR also abolished regulatory duty on parts for flat panels, monitors, projectors. It has removed regulatory duty on Silicon Steel Sheets. There is an exemption of RD on special steel round bars and rods of non-alloy steel exceeding diameter 50mm in the budget.

As per Finance Bill 2023, there is an increase/levy of regulatory duty on import of articles of glass to protect the local industry.

To discourage the use of inefficient Tungsten Filament Incandescent Bulbs, 20% RD imposed on these bulbs and their parts, as per the document.

Export regulatory duty on the export of molasses has been increased from 10% to 15%.

The FBR has also removed the regulatory duty on synthetic filament yarn of polyester not manufactured locally. The Federal Board of Revenue has abolished customs duties on specific papers and art card and board for printing of Holy Quran. The FBR has given incentive for pharma sector by including one more API and 03 drugs in the existing duty free regime. The FBR has also given incentive for manufacturing of solar panels and allied equipment by exempting customs duties on import of machinery, equipment and inputs for manufacturing of solar panels, inverters and batteries. The FBR has also abolished regulatory duty on the import of IT-related equipment equivalent to 1% value of their export proceeds.

It has also reduced customs duties and additional Customs duties on import of intermediary/industrial inputs falling under 10 PCT codes.

Exemption of customs duties on raw materials of diapers, sanitary napkins and adhesive tape has also been proposed.

FBR has also given concession of customs duty on raw materials/inputs for manufacturers of capacitors.

FBR also proposed reduction of customs duty from 10% to 5% on the import of non-localized (CKD) of Heavy Commercial Vehicles (HCVs).

The FBR also gave exemption of ACD on import of raw materials of Hemodialyzers fluid/powder.

It has also given extension in exemption on machinery and equipment imported by erstwhile Fata areas till June, 2024.

The FBR allowed the continuation of concession on import of flavoring powders for food preparation for manufacturers of snacks till June, 2024.

FBR has also given exemption of Customs duty on Organic Composite Solvent and Thinners for manufacturers of Butyl Acetate and Dibutyl Orthophthalates.

The FBR has reduced the customs duty on import of pet scrap for manufactures of polyester filament yarn.

The FBR has exempted customs duties on Raw Materials for manufacturing of Moulds and Dies. It has also exempted Customs duties on raw materials/inputs for mining machinery. The FBR has exempted the customs duties on raw materials/inputs for rice mill machinery. The FBR has also exempted customs duties on raw materials/inputs for machine tools.

It has exempted the customs duties on import of seeds for sowing to promote growth in agricultural sector. The exemption of customs duties on import of shrimps/prawns/juvenile for breeding in commercial fish farms and hatcheries has also been given.

The FBR has also abolished customs duties on roasted peanuts for manufacturing of ready to use supplementary foods (RUSF) by World Food Program certified manufacturers. The FBR has increased the customs duty on Carbides of Calcium from 3% to 11% to protect the local industry. According to the document, there is a withdrawal of capping of the fixed duties and taxes on the import of old and used vehicles of Asian makes above 1300 CC under SRO 577(I)/2005 by omitting serial number 4,5 and 6 of the said SRO.

Copyright Business Recorder, 2023

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