Textile spares list for duty relief being finalised

The Central Board of Revenue (CBR) is finalising the list of spare parts of textile industry on which customs duty may be substantially reduced in the coming budget. Sources told Business Recorder on Saturday that CBR is reviewing Chapter 84 of Pakistan Customs Tariff (PCT) to reduce customs duty on parts of textile sector. At present, import duty on textile spares ranges between 5 and 25 percent, and CBR is compiling the list of those parts on which the duty has to be reduced. The exercise has been initiated as part of government''s policy to give more incentives to textile sector in 2005-06 budget.