ISLAMABAD: The Federal Board of Revenue (FBR) Thursday issued an updated list of 222 locally-manufactured goods for the purpose of allowing concessions from customs duties and sales tax, etc, on imports. The FBR has issued the revised list on Thursday in line with the Customs General Order (CGO) 4 of 2022.
The list contains locally-manufactured goods including chemical composition of some grades of case hardening steel and chemical composition assortment to ascertain case hardening steels.
According to the FBR, the goods detailed in the appended list are manufactured locally. This list is compiled and updated by the Engineering Development Board in consultation with stakeholders. Henceforth, the appended list of locally manufactured goods is applicable for reference purposes to all the exemptions/conces-sionary notifications/regimes.
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The Collectors of Customs and the staff responsible for allowing concessions under different notifications/orders have been advised to follow this list for the purposes of allowing concessions from customs duties and sales tax, etc.
The information, if any, along with evidence regarding the local-manufacture of goods, not indicated in the list, may be forwarded to the FBR forthwith so that the list of locally-manufactured goods/items is updated in consultation with the Engineering Development Board.
The Collectors are, however, authorized to allow release of goods/items indicated in the list of locally manufactured goods/items against bank guarantee for a period of three months if the importer produces a certificate issued by the renowned local manufacturers of the disputed items from Engineering Development Board stating that the imported item is not being manufactured locally and the importer shall produce a clarification from the FBR to this effect within the above stated period of three months.
Copyright Business Recorder, 2024
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