ISLAMABAD: The Federal Board of Revenue (FBR) has abolished two percent Additional Customs Duty (ACD) on the import of 152 items, mostly raw materials including iodine, sulphur, acetic acid, magnesium hydroxide, bentonite, and machinery for making or repairing footwear. The FBR has issued a notification to amend SRO 572(1)/2020 (levy of additional customs duty) here on Friday.

The FBR has included items in the list on which ACD would not be applicable under SRO 572(1)/2020.

The ACD would not be applicable on the import of sulphur of all kinds, other

than sublimed sulphur, precipitated sulphur and colloidal sulphur; natural uranium and its compounds; alloys, dispersions (including cermets), ceramic products and mixtures containing natural uranium or natural uranium compounds; spent (irradiated) fuel elements (cartridges) of nuclear reactors; heptenes; iodides and iodide oxides; benzene; tall oil, whether or not refined; lecithins and other phosphoaminolipids; cyclohexane, natural uranium and its compounds; alloys, dispersions (including cermets), ceramic products and mixtures containing natural uranium or natural uranium compounds and other items specified in the list of SRO 572(1)/2020.

The Economic Coordination Committee (ECC) of the Cabinet had approved the removal of additional two percent customs duty on 152 tariff lines, mostly raw material, under the National Tariff Policy 2019-24.

The Ministry of Commerce had presented a summary regarding removal of additional two percent customs duty on 152 tariff lines, mostly raw material.

Copyright Business Recorder, 2021