ECC to examine cut in duty on fertiliser plant on February 19

Economic Co-ordination Committee (ECC) of the Cabinet will examine a summary of Central Board of Revenue (CBR) for the reduction of customs duty on the import of fertiliser plant/ machinery from 10 to 5 percent.
The ECC in its meeting on February 19 will review the comments of Ministry of Finance, Ministry of Industries and Production, Central Board of Revenue (CBR) and other concerned departments before making the decision.
Sources said that the fertiliser sector is likely to be declared as 'value added industry' for availing concessional rate of import duty on the import of machinery/apparatus as per SRO.439(I)/2001.
At present, a number of 'value-added industries are enjoying this facility on the import of machinery and apparatus under this notification.
However, a separate customs tariff heading (PCT) is required to bring all kind of fertiliser machinery/equipment under the 5 per cent slab.
The sources opined that the reduction in duty on the import of fertiliser machinery/equipment would be a major incentive for the industry.