Various items from 7 countries: FBR announces tax concessions on imports

ISLAMABAD: The Federal Board of Revenue (FBR) has announced tariff concessions, from January 2025, on the import of a wide range of items and finished products from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turkiye under the D-8 Preferential Trade Agreement.

The FBR has issued SRO 2075(I)/2024 here on Tuesday to allow lower rate of Customs duty on the import of listed items under the D-8 Preferential Trade Agreement.

According to the notification, whereas the imports into Pakistan from contracting member countries of D-8 Preferential Trade Agreement, namely; Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turkiye are made in conformity with the D-8 Preferential Trade Agreement Rules of Origin, 2024, issued in pursuance of the Preferential Trade Agreement Among D-8 Member States executed and read with Import Policy Order, 2020.

Tax collection at import stage: share in total collection reduces

Now, therefore, in exercise of the powers conferred by sections 18C and 19 of the Customs Act, 1969, the federal government has exempt with effect from January 10, 2025 the import into Pakistan from contracting member countries of D-8 Preferential Trade Agreement, namely, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turkiye of the goods specified falling under the headings and sub-headings of the First Schedule to the said Act from the customs duty (CD) as specified in the First Schedule to the Customs Act,1969 or as notified by the Federal Board of Revenue (FBR) on July 10, 2022, as in excess of the rate specified respectively with effect from corresponding date thereof, in accordance with the said agreement:

Provided that where the rates of Customs duty (CD) as has been specified of the are higher than the rates as specified in the First Schedule to the said Customs Act or notified by the FBR, as the case may be, the lower rate of CD shall apply, the notification added.

Copyright Business Recorder, 2024