ISLAMABAD: The general exemption on imports from China under Pak-China Free Trade Agreement (FTA) caused revenue loss of Rs 26.856 billion during FY 2019-20. According to the data compiled by the Federal Board of Revenue (FBR), the government has suffered revenue loss of Rs 45.020 billion during current fiscal year due to the FTAs and PTAs signed with different countries.
The FBR's data revealed that under SRO 659(I)/2007, the general exemption on import from China under Pak-China FTA caused revenue loss of Rs26.856 million. Under SRO.558(I)/2004, the general exemption on import from SAARC countries caused revenue loss of Rs 231 million during the period under review.
Under SRO.1274(I)/2006, the general exemption on import from SAARC countries under SAFTA Agreement has revenue impact of Rs1,602 million.
The general exemption on import from SAARC countries under SAFTA Agreement caused revenue loss of Rs 15 million under SRO.1274(I)/2006.
Under SRO 659(I)/2007, the general exemption on import from China under the FTA has revenue impact of Rs 6,911million during 2019-20.
The general exemption on import from Malaysia under PTA under SRO1261(I)/2007 (Table-I) caused revenue loss of Rs 2,517million during this period.
Under SRO1261(I)/2007 (Table-II), the exemption on import from Malaysia under PTA has revenue impact of Rs922 million.
Under SRO741(I)/2013, the general exemption on import from Indonesia under Pak-Indonesia PTA caused revenue loss of Rs3,647 million.
The general exemption on import from Sri Lanka under Pak-Sri Lanka FTA under SRO280(I)/2014 caused revenue loss of Rs 480 million. Under SRO 280(I)/2014, the general exemption on import from Sri Lanka under Pak-Sri Lanka FTA caused revenue loss of Rs 1,773 million during 2019-20.
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