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Additional customs duty on imports

Business

July 1, 2020

KARACHI: The Federal Board of Revenue (FBR) has imposed additional customs duty up to seven percents in order to achieve assigned target for fiscal year 2020/21.

The FBR issued SRO 572(I)/2020 on Tuesday for imposing additional customs duty at the rate of two percent, four percent and seven percent, and the rates would be effective from July 1, 2020.

According to the notification, additional customs duty at two percent would be applicable on goods imported under tariff slabs of zero percent, three percent and 11 percent. Meanwhile, four percent additional customs duty would be applicable on goods imported under tariff slab of 16 percent.

Further, seven percent additional customs duty would be applicable on goods imported under tariff slab of 20 percent and above slabs.

However, on import of edible crude oil, which was subject to import at higher tariff slab, the additional customs duty would be charged at the rate of two percent, the FBR said. The board further said that additional customs duty would not be applicable on the goods imported under concessionary regime for exporters.

Further, the additional customs duty would also not be applicable on the contractors and services companies for offshore projects.