ISLAMABAD (December 05 2002) : Fulfilling the demand of local industry, the Central Board of Revenue (CBR) has slashed custom duty on the import of polyester filament yarn from 25 to 20 percent.
The authorities have made an amendment in the SRO 358(I)/ 2002 through a notification issued on Wednesday.
The decision would not only encourage the local manufacturers to produce polyester filament, but would also make the Pakistani products more competitive in the international market.
Following is the text of the SRO notifying reduction in duty on the import of the polyester filament yarn:
In exercise of the powers conferred by section 19 of the Custom Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendment shall be made in its Notification SRO 358(I)/2002 dated the 15th June 2002, namely:-
In the aforesaid notification, in the Table II, after S. No. 22, in column (1) and the entries relating thereto in column (2), (3), (4) and (5), the following new serial number and the entries relating thereto in column (2), (3), (4) and (5) shall be inserted, namely:-
“22 Polyester Filament Yarn 5402.3300 & 20% ad val – Nil” 5402.4300.