KARACHI: Federal Budget 2018-19 has proposed several revenue measures including rationalization of custom duty on several importable items along with imposition and increase in regulatory duty on certain goods.
It is proposed that a levy of 30 percent regulatory duty is imposed on export of waste and scrap of copper along with review of regulatory duty on non-essential and luxury items.
Regulatory duty of 10 percent is proposed to be levied on CKD/SKD kits of specified home appliance along with levy of Rs.175/set regulatory duty on CKD/SKD kits of mobile phones.
Apart from that increase of customs duty on double-sided tape from 3.0 percent to 11 percent, increase of customs duty on rickshaw tyres from 11 percent to 20 percent, increase of customs duty on Soya bean oil from Rs.9050/MT and Rs.10200/MT to Rs.12000/MT and Rs. 13,200/MT respectively, increase of customs duty on aluminum auto parts scrap from 30 percent to 35 percent and increase of customs duty on Di-octyl Terephthalate (DOTP) from 3.0 percent to 20 percent is also proposed.
As part of tariff rationalization measures, reduction of customs duty from 16 percent to 11 percent and levy of 5.0 percent regulatory duty on Medium Density Fiber, reduction of customs duty on corrective glasses from 11 percent to 3.0 percent, reduction of customs duty on Lithium ion phosphate battery (LiFePO4) from 11 percent to 8.0 percent is also proposed.
The Federal Budget 2018-19 also seeks to create new PCT codes for Radial tyres, CKD/SKD kits for home appliances, CKD/SKD of mobile phone, semi-automatic washing machines, petrol Generating sets, kerosene based mineral oils, relays, fuses, gear pumps and turbo chargers for vehicles, electric conductors, light fittings with fixed/fitted LED/SMD, refrigerated outdoor cabinet designed for insertion of electric and electronic apparatus, digital/processed printing pnks, DOTP (Di-Octyl Terephthalate) and pigments and preparations based thereon.
Federal Budget 2018-19 proposes tariff rationalization measures, imposes RD on kits
