KARACHI: The Finance Bill 2014 has proposed significant amendments in customs duty/tax rates in order to provide relief to the importers and also rationalize the tariff measures.
The following are the description of goods with the proposed tax rates including:
The proposed rate is zero percent for plant, machinery and equipment imported for setting up fruit processing and preservation industrial units in Gilgit-Baltistan, Balochistan and Malakand Division however, the existing tax rate is between zero to 30 percent.
It proposed zero percent duty on the import of plant, machinery and equipment imported for setting up industries in FATA where the current rate is ranging between zero percent to 30 percent.
The proposed tax is 15 percent for uninterrupted power supply (UPS) unit 8504.4010 whereas, the present rate is 20 percent.
It proposed one percent duty/tax on petroleum coke non-calcined under PCT 2713.1100 however; the existing rate is five percent.
For maximum general tariff under respective headings 25 percent proposed and the present rate is 30 percent.
For minimum general tariff under respective headings presently is at zero percent and proposed to be charged at one percent.
10 percent duty proposed for networking equipment under respective headings where the current rate is at five percent.
Five percent tax proposed on generators above 1100 KVA under PCT 8502.1390 where it currently charged at zero percent.
15 percent customs duty proposed to be imposed on general rate of duty on dyes under respective headings however, the existing rate is at zero percent to 10 percent.
It proposed 10 percent duty on CDs/DVDs under respective headings where currently it is charged at five percent to 20 percent.
The proposed duty is at 20 percent on flavoring powders under PCT 2106.9030 as the existing rate is 10 percent.
10 percent duty proposed on liquid paraffin and white oil under PCT 2710.1995 and 2710.1996 as presently zero percent to five percent imposed.
It proposed 10 percent duty on dryers under 8421.1900 as currently five percent duty is being charged.
15 percent duty proposed on starches under respective headings where it currently charging 15 percent to 20percent.
It proposed 10 percent duty on coloring matters under PCT 3206.4990 as it existing rate is five percent.
The proposed duty is at 10 percent on satellite mobile phones whether or not functional on cellular networks under PCT 8517.1230 however, 25 percent is currently being charged.
Finance Bill 2014 proposes significant reduction in customs duty; rationalize tariff measures
