CBR removes budget anomalies, revises duty rates

ISLAMABAD (August 09 2005): While rectifying the 2005-06 budget anomalies, the Central Board of Revenue (CBR) has reduced customs duty on import of several items used by local manufacturers/ assemblers.

It imposed 10 percent regulatory duty (RD) on import of spinning rings and blankets, and reduced duty from 10 to 5 percent on import of ''air handling units''. The CBR has also permitted the local industry to import ''Euro-II buses'', meeting the emission control standards.

The CBR has issued six SROs here on Monday to remove the budget anomalies on the recommendations of business community.

The CBR has levied 10 percent regulatory duty on import of spinning rings (HS Code 8448.3330), blankets (other than electric blankets) and travelling rugs of wool or of fine animal hair (HS Code 6301.2000).

Regulatory duty has also been levied on self-adhesive plates, sheets, film foil, tape, strip and other flat shapes of plastics, whether or not in rolls.

According to another notification, zero percent customs duty would be applicable on the import of ''glass frit'' (HS code 3207.4010); 5 percent concessional duty would be applicable on other dumpers of 320 HP and above (HS code 8704.1090).

The CBR has given permission to persons authorised by the Chief Executive Officer of any company to submit import documents under SRO 453(I)/2004 of June 12, 2004.

The chassis fitted with engines, for the motor vehicles of PCT headings 87.01 to 97.05 has also been included in the SRO 567(I)/2005. The rate will be applicable to vehicles of which they form parts, but not exceeding 50 percent.

Another notification has specified the items covered under the ''Proprietary Form-work System'' used for building structure liable to concessional rate of 5 percent customs duty and zero percent sales tax.

Air-handling units, which are not manufactured locally, would be liable to zero percent duty.

In order to avoid misuse of items/equipment imported by the hotel industry at concessional rate of customs duty under SRO 575(I)/2005 of June 6, 2005, the Ministry of Tourism would have to ensure that the equipment cargo, maintenance of hygienic conditions at the auction site,” an official said.

This SOP has been formulated on the recommendations of United Nations Industrial Development Organisation (Unido) after a series of workshops and thorough working to improve the seafood quality and standards at the harbour.

The exporters estimate a loss of $30 million in earning due to the ban. “Now is the time to look forward and sustain the seafood export by ensuring quality and standard,” a seafood exporter, Captain Ikhlaq Ahmed, said.

The big destinations of Pakistan''s seafood in EU are Belgium, France, Germany, Italy, the Netherlands, Spain, UK and Greece.

Pakistan earned $52 million from EU alone out of total $156 million through seafood export in 2003-04.

Related Articles

Back to top button