Govt Removes Customs, Regulatory Duties on 163 tariff lines – Research Snipers

Govt Removes Customs, Regulatory Duties on 163 tariff lines

In order to increase exports and decrease the cost of doing business, the government has removed customs duties, regulatory duties, and additional customs’ duties on at least 163 tariff lines.

In line with the recommendations of the National Tariff Commission this decision was taken. On August 24, 2020, the National Tariff Policy Board advised the government regarding this.

Must read: Government will impose Rs182 billion in additional customs and regulatory taxes

This proposal was approved by the Economic Coordination Committee (ECC) of the Cabinet. The Federal Board of Revenue was directed to implement it as soon as possible.

The exemptions total revenue impact is expected to be Rs532.875 million per annum. Ministry of Commerce officials said that the government has withdrawn cumulative 22.5% duties on 37 tariff lines and 24% on 14 tariff lines, 20% duties on 25 tariff lines, 15% on 16 tariff lines, 27% on 3 tariff lines, 13% on 29 tariff lines, and 5% on 38 tariff lines.

As per the officials, the duties were removed on selected HS codes of the textile sector which include fibers, yarns and nylon fabrics, viscose, acrylic, rayon, silk, wool, and vegetable-based fibers like hemp, etc.

In order to increase the share of man-made fiber for improved per-unit prices in the global markets, rationalization has been done.

via Pakistantoday

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