The Federal Board of Revenue (FBR) has imposed 10 percent regulatory duty (RD) on eight different types of cotton yarns including woven fabrics of cotton from November 1, 2015. In this regard, the FBR has issued S.R.O.1055(I)/2015 to amend S.R.O.568(I)/2014, dated the 26th June, 2014 here on Friday.
According to the SRO, 10 percent RD has been imposed on the import of cotton yarns (other than sewing thread), containing 85 percent or more by weight of cotton, not put up for retail sale; Cotton yarn (other than sewing thread), containing 85 percent or more by weight of cotton, not put up for retail sale; Cotton yarn (other than sewing thread), containing less than 85 percent by weight of cotton, not put up for retail sale; cotton yarn (other than sewing thread) put up for retail sale; Woven fabrics of cotton, containing 85 percent or more by weight of cotton, weighing not more than 200 g/m2; woven fabrics of cotton, containing 85 percent or more by weight of cotton, weighing more than 200 g/m2; woven fabrics of cotton, containing less than 85 percent by weight of cotton, mixed mainly or solely with man- made fibres, weighing not more than 200 g/m2; woven fabrics of cotton, containing less than 85 percent by weight of cotton, mixed mainly or solely with man- made fibres, weighing more than 200 g/m2 and other woven fabrics of cotton.
Under S.R.O.1055(I)/2015, in exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act,1969 (IV of 1969), the Federal Government has amended S.R.O.568(I)/2014, dated the 26th June, 2014. In the aforesaid notification, in the Table, in column (1),- after S.No.197C and the entries relating thereto in column (2), (3) and (4), the new serial numbers and the entries relating thereto shall be inserted. This notification shall take effect on and from the 1st day of November, 2015, the FBR added.