KARACHI: The Ministry of Finance through the Federal Budget 2015-16 has increased the minimum rate of customs duty to 2.0 percent from 1.0 percent earlier, while duty structure has also been rationalized at flat 20 percent for all imports; auto parts and accessories would attract 35 percent duty.

Moreover, the rate of duty has also been rationalized for all classes of importable products. The measures have been taken in line with the proposals and recommendations of Pakistan Customs.

The rate of customs duty has been fixed at flat 20 percent at all classes of importable goods. However, duty would be collected at the rate of 5.0 percent on the import of bituminous/other coal, furnace oil, yarn and film grades.

Moreover, the rate of duty under PCT 4008 has been fixed at flat 35 percent. The PCT heading deals with auto parts. Henceforth, duty at the rate of 35 percent would be collected on the import of all auto parts and accessories falling in any PCT.

The news duty structure in relation to the PCT headings can be viewed at the given link: