KARACHI: The Finance Supplementary 2nd Amendment Bill has proposed to reduce customs duty on wire of stainless steel under PCT: 7223.000, and other alloy steel (in ingots or other primary forms, semi finished products of other alloy steel) under PCT 7224.0000 to 3.0 percent from 5.0 percent earlier.
Customs duty on import of bars and rods of high speed steel has also been reduced to zero percent from 5.0 percent earlier.
Through proposed amendments in Fifth Schedule of the Customs Act, 1969, customs duty has been reduced significantly on a long range of raw materials.
Customs duty has been reduced to 3.0 percent to 20 percent on various goods if imported by manufacturers of footwear registered under Sales Tax Act, 1990. While Customs duty on machinery for making or repairing footwear and parts thereof has been reduced to zero percent.
Similarly, Customs duty has been reduced to 3.0 percent to 20 percent on various goods including chemicals and dyes if imported by tanners registered under Sales Tax Act, 1990. While Customs duty on machinery for preparing, tanning or working hides skin or leather and parts thereof has been reduced to zero percent.
Moreover, customs duty on a long range of raw materials for chemical manufacturing sector, home appliance sector, infant formula, ceramics, furniture, gloves and leather sector have been reduced to zero percent to 20 percent. [the_ad id=”31605″]