Furnace oil import: levy of 5 percent RD notified afresh

The Federal Board of Revenue (FBR) Friday issued a notification afresh to impose 5 percent regulatory duty on the import of furnace oil from February 12. Through an S.R.O.132 (I)/2015 issued here, in exercise of the powers conferred by sub-section (3) of Section 18 of the Customs Act, 1969 (IV of 1969), the federal government has levied regulatory duty @ 5 percent ad valorem on the import of Furnace oil (PCT code 2710.1941).
Earlier, furnace oil was included in the list of items subjected to 5 percent RD at the import stage under S.R.O.121 (I)/2015. The FBR has excluded furnace oil from list of items and issued a separate notification S.R.O.132 (I)/2015 to impose 5 percent regulatory duty on the import of finance oil. Under another S.R.O.131(I)/2015, the FBR has made amendments in the S.R.O.568(I)/2014 pertaining to the RD on the imported items. S.R.O.131(I)/2015 has imposed RD on 313 items as earlier applicable through S.R.O.121(I)/2015. S.R.O.131(I)/2015 has not changed the names of items or rate of RD as earlier applicable under S.R.O.121(I)/2015.