ISLAMABAD: Customs duty on import of raw material of 1650 items has been brought to zero through Finance Bill 2018-19, while customs duty on import of raw material in connection with exporter industry, local industry and health sector was decreased from 5% to 10%.
Five export sectors (textile, leather, garments, carpet and surgical goods) will import raw material on duty free and will take benefit from export promotion schemes. On the other hand, the government levied additional customs duty from 2 to 7 percent on import of some readymade items and luxury goods which also include cosmetics and imposed 2 to 4 percent customs duty on some items including paper, leather optical, kitchen tableware, sanitary, glass, iron and steel and sports goods. As result of this, the demand of items produced in Pakistan will increase and the economy of the country will make progress.
The sales tax department has abolished zero rating of aforesaid five export sectors and its notification No1125 has been cancelled in finance bill. The 17 percent sales tax will be imposed on the local sale of imported items on these five sectors which will be enforced on July 1, 2019.
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