KARACHI: Pakistan Customs has directed the collectorates to conduct assessment of measures taken in the Federal Budget 2014/2015 and work out estimates of revenue collection for fiscal year 2014/2015 besides estimation of target on monthly basis considering the changes.
In a letter sent to Model Customs Collectorates, the Chief Collector (Enforcement) said that a number of budgetary measures had been taken by the government in the budget for 2015/2015 which have direct bearing on the collection of customs duty and taxes at import and export stage.
The office of the chief collector (Enforcement) highlighted the budgetary measures that can increase collection of customs duty and taxes.
The office said that zero percent customs duty slab in the customs tariff had been substituted with one percent.
Similarly, Regulatory duty has been levied on luxury goods like cosmetics, chocolates, food preparations, prepared foodstuffs, beverages, mechanical and electrical appliances etc., through a new notification SRO 568(I)/2014. However, regulatory duty already levied through SRO 482(I)/2008 dated July 01, 2008 is remained in force.
In the latest budget the government has increased customs duty on networking equipment increased from five percent to 10 percent in tariff. Similarly, customs duty on flat-rolled products of alloy steel (PCT headings 72.25 and 72.26) has been increased in the tariff from zero percent to five percent and from five percent to 10 percent, respectively to bring them at par with the flat-rolled products of non-alloy steel.
However, five percent customs duty has been levied on the import of generators above 1100KVA against zero percent and uniform rate of 15 percent customs duty on all types of dyes except basic dyes (3204.1300) and indigo blue dyes (3204.1510) has been imposed in budget 2014-2015.
The collectorates have been informed that customs duty on CDs software had been increased to 10 percent from five percent and duty on converters has been increased to 15 percent from 10 percent in the tariff.
Customs duty on flavoring powders has been increased from 10 percent to 20 percent and uniform rate of 10 percent customs duty on liquid paraffin and white oil has been levied in the tariff.
Budgetary measures of 2014-2015, customs duty on dryers has been increased from five percent to 10 percent in the tariff and uniform rate of 15 percent duty on maize (corn) starch and on potato starch has been levied.
Customs duty on coloring matters has been enhanced to 10 percent from five percent and fixed amounts of duty and taxes on used vehicles have been revised upward through amending SRO 562(I)/2014.
In the fresh measures new PCT heading ‘3810.9010’ is created for implementing customs duty at five percent on imports of preparations of a kind used as cores or coating for welding electrodes or rods. Another new PCT heading ‘8309.9010’ has been created for imposing 10 percent duty on import of aluminum lids of cans of carbonated soft drinks.
Another change has been brought in on export of steel scrap by levying regulatory duty on ferrous and non-ferrous waste scrap of lead, lead bars, rods, lead plates etc., produced from the material imported under the facility of DTRE and manufacturing bond scheme.
A revolutionary change announced by the government in the latest budget about the withdrawal of reduction of exemption/concessions that were available under SRO 567(I)/2006 and SRO 575(I)/2006 and such items now shifted to Fifth Schedule to the Customs Act 1969. The government also announced to withdraw or reduction in concessions available in SRO 565(I)/2006 dated June 05, 2006.
Al Doc PDF File/Link
- AM Best revises outlooks to negative for Farmers Mutual Fire Insurance Company 12-Nov-2019
- S&P upgrades Centene Corp by one notch to reflect its improved stand-alone credit quality 12-Nov-2019
- Overseas Pakistani workers remit $7.478 billion in four months 12-Nov-2019
- NAB Karachi arrests Haji Adam Jokhio 12-Nov-2019
- Locally assembles passenger car sales decline 56pc in October 2019 12-Nov-2019
- PIA to open its office at KCCI premises 12-Nov-2019
- SHC stays auction in petition by Hikmat Traders Notice of Contempt of Court issued to Collector, ADC, AC, Principal Appraiser PMBQ for Nov 14 12-Nov-2019
- SECP approves Growth Enterprise Market listing regulations 12-Nov-2019
- Lifenet Insurance launches Jibun 3 and Jibun 3 for Women 12-Nov-2019
- MODEC, Mitsui, MOL and Marubeni to proceed with the deepwater FPSO charter project in Brazil 12-Nov-2019