ISLAMABAD (January 17 2003) : The Central Board of Revenue (CBR) has exempted eight new pharmaceutical raw material, chemicals and active ingredients from payment of custom duty in excess of five percent ad valorem to promote local pharmaceutical industry.
The concessionary rate of duty would be applicable on the import of Benzoyl Chloride, Hexamethyldisilazane, Imidazole, Methyl Chloroformate, N-Methyl Morpholine, Sodium metabisulphite, Trimethyl chlorosilane and Cefadroxil.
The CBR has introduced amendments in SRO 372(I)/2003 through an SRO 48(I)/2003 issued here on Saturday.
The pharmaceutical industry was persistently demanding of the tax authorities to give maximum concessions in lieu of duties and taxes on the import of chemicals/ingredients used in the manufacturing of medicines and drugs.
The custom authorities have notified the concessionary import of above-mentioned eight more raw materials/chemicals.
The notification which amended SRO 372(I)/2002 reads as: In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No S.R.O. 372(I)/2002, dated the 15th June, 2002, namely:
In the aforesaid Notification, in Table-III,-
(a) in list A
(i) after Sl.No 31, in column (1), and the entries relating thereto in column (2), the following new serial number and the entries relating thereto shall be inserted, namely:-
“31A Benzoyl Chloride”;
(ii) after Sl.No 93, in column (1), and the entries relating thereto in column (2), the following new serial number and the entrie