KARACHI: The Federal Board of Revenue (FBR) has imposed regulatory duty (R&D) in the range of 5.0 percent to 15 percent on the import of iron and steel products along with Rs200 per set fixed regulatory duty on import of cellular mobile phone sets.
The government claims that the levy aims at discouraging under-invoicing.
The FBR issued amending SRO No.18(I)/2015 on Wednesday imposing RD on iron and steel products in the range of 5.0 percent to 15 percent. Earlier, Economic Coordination Committee (ECC) had approved imposition of duty.
According to details, semi-finished products of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel; other bars and rods of iron or non-alloy steel (not further worked than forged), hot-drawn or hot-extruded including those twisted after rolling; other bars and rods of iron or non-alloy steel; bars and rods, hot-rolled in regular wound coils of stainless steel; other bars and rods of stainless steel, angles, shapes and sections of stainless steel; wire of stainless steel; other alloy steel in ingots or other primary forms, semi-finished products of other alloy steel; of-high speed steel and of-silico manganese steel would attract regulatory duty at the rate of 15 percent at import stage.
Other steel wire rod/alloy steel wire rod; other bars and rods of other alloy steel, angles, shapes and sections of other alloy steel, hollow drill bars and rods of alloy or non-alloy steel and wire of other alloy steel would also attract regulatory duty of 15 percent at import stage.
Moreover, flat-rolled products of iron or non-alloy steel of a width of 600mm or more, cold rolled (cold-reduced), not clad plated or coated; flat-rolled products of iron or non-alloy steel of a width of 600mm or more, clad, plated or coated would be subjected to regulatory duty of 5.0 percent at import stage.
Moreover, the FBR has also imposed regulatory duty of Rs200 per piece on the import of cellular mobile sets.