On More Than 500 Items Regulatory Duty Is Imposed
On More Than 500 Items Regulatory Duty Is Imposed: The Federal Board of Revenue (FBR) on Tuesday imposed Regulatory Duty on import of 570 items from range of 5 to 90 percent in the aftermath of enactment of revised supplementary finance act on which the president granted its assent.
The FBR imposed regulatory duty on vehicles, SIM cards with rate of 5 percent, wheat 60 percent, cotton yarn 5 percent, betel leaves Rs400/kg and many others imported food items and dairy products. The regulatory duty has been imposed on import of pistol, firearms and other items in the range of 20 to 25 percent.
A statutory regulatory order (SRO) issued by the Federal Board of Revenue (FBR) states that the regulatory duty has been imposed on 570 items as 70 percent duty has been slapped on the import of used cars and jeeps from 1801cc to 3000cc and above.
The regulatory duty has also been imposed on the import of electronic items, woven fabrics, ceramic items, paper and paper board, bars/rods and iron products. It has also been imposed on the import of new vehicles, mini-vans and sports vehicles.
The regulatory duty shall not be levied on the following: Imports under SRO 678 (1)/2004 dated the 7thAugust, 2004; by the seamless pipes manufacturers registered under the Sales Tax Act, 1990; (i) import of grain and non-grain oriented electrical steel sheets (PCT codes 7225.1100, 7225.1900, 7226.1100 and 7226.1900) under Sr. Nos. 6, 7 and 8 of S.R.O.565(1)/2006 dated 5th June, 2006; (j) import of Sliver cans and lollipop sticks (PCT code 3926.9099); (k) parts/inputs (PCT codes 3926.9099, 4016.9990, 8415.9012, 8415.9021, 8415.9091 and 8544.4990) if imported by vendors of automotive OEM sector; (I) import of Rubber Apron & Cots (PCT code 4016.9990); (m) import of vehicles (CBU) by new entrants, as enumerated vide Sr.1, Table-III of SRO 656(1)/2006, in terms of Auto Development Policy; and (n) import under PCT codes 1202.4200 and 1517.9000, by registered manufacturers of food and confectionary industry; and rate of RD on import of CKD/SKD kits, of home appliances, mentioned in the table, and of which Kits are not specified separately therein, shall be 10 percent.
For the purpose of levy of regulatory duty under this notification, the value of vehicles (PCT Code 87.03) having bullet proofing and other security features shall be the same as determined under SRO No.1121 (1)/2007, dated 17th November, 2007.
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