Daily Times

The Federal Board of Revenue (FBR) has slashed regulatory duty up to half on export of certain goods.

The FBR issued SRO 843(I)/2021, dated June 30, 2021, to amend the SRO 645(I)/2018, dated May 24, 2018, which is related to regulatory duty on export of goods. According to the latest SRO, the regulatory duty on export of hides and skins has been reduced to 10 percent from 20 percent. Similarly, the regulatory duty on export of molasses has been reduced to 10 percent from 15 percent.

Meanwhile, the FBR has slapped additional customs duty up to 7 percent on imports falling under the tariff slab of 30 percent with effect from July 01, 2021. The FBR issued SRO 845(I)/2021 to levy additional customs duty on import of goods specified in the first schedule of the Customs Act, 1969. The additional customs duty at 2 percent has been imposed on goods falling under tariff slabs of zero percent, 3 percent and 11 percent. The additional customs duty at 4 percent has been imposed on goods falling under tariff slabs of 16 percent except goods falling under PCT code 5516.9300 and 5516.9400, which shall be charged at the rate of two per cent on import. The additional customs duty at six percent has been imposed on goods falling under the tariff slab of 20 per cent.

Similarly, the additional customs duty at seven per cent has been imposed on goods falling under tariff slab of 30 percent and higher slabs as well as slabs of specific rates, except goods falling under PCT codes 1507.1000, 1507.9000, 1511.1000, 1511.9010. 1511.9020, 1511.9030, 1512.1100, 1512.1900, 1512.2100, 1512.2900, 1514.1100, 1514.1900, 1514.9100 and 1514.9900, which shall be charged at the rate of two per cent on import. The FBR said that the value of goods for the purpose of this levy shall be determined under Section 25A of the Act, as the case may be. The FBR issued a detailed list of items on which the additional customs duty would not be applied.