The Federal Board of Revenue on Thursday announced that 15 percent regulatory duty would not be charged on export of all types of yarn made from the material temporarily imported under temporary importation scheme (SRO.492(I)/2009), Duty and Tax Remission for Export (DTRE) and manufacturing bonds schemes.
The FBR has imposed 15 percent regulatory duty ad valorem on export of all types of yarn for 60 days with immediate effect. In this connection, the FBR has issued an SRO(I)/2010 here. According to the notification, the federal government has levied regulatory duty at the rate of 15 percent on export of all kinds of yarn.
Provided that no regulatory duty shall be levied on the export of yarn made from the material temporarily imported under the facility of Notification No SRO.492(I)/2009, Duty and Tax Remission for Export (DTRE) as provided under sub-chapter 7 of Chapter XII of the Customs Rules, 2001 and the scheme of manufacturing bonds as licensed under Chapter XV of the said rules.
The FBR has issued notification in exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act, 1969 (IV of 1969). Under this section, the FBR may, by notification in the official gazette, levy, subject to such conditions, limitations or restrictions as it may deem fit to impose, a regulatory duty on all or any of the goods imported or exported, as specified in the First Schedule at a rate not exceeding 100 percent of the value of such goods.
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