Customs duties/tariff changes: Changes made on imports become applicable from May 23

The changes in customs duties/additional customs duties/ tariff changes made on imports under Finance Act 2018 have become applicable from May 23, 2018. Sources told Business Recorder here on Wednesday that the two excise duty measures have also been effective. Firstly, increase in the federal excise duty (FED) on cigarette has been enforced, while the FBR has also increased federal excise duty on cement from Rs 1.25 per kg to Rs 1.50 per kg.
The Finance Act 2018 has been signed by the President on May 22. All changes in customs tariff on imports/exports made through the schedules of the Customs Act 1969 as per Finance Act 2018 would be applicable from the next day of assent given to the Finance Act 2018 by the President. The increase or decrease in duties on imports/exports, across the board changes in customs duty/additional customs duty on imports and applicability of customs duty exemptions and concessions have been applicable from the next day of assent given to the Finance Act 2018 by the President.
So far the FBR has not issued statutory regulatory orders (SROs) for changes in rates of regulatory duties and other changes of customs duties where required through notifications. The changes in duties/RDs where applicable through the SROs have yet not been enforced.
Sources said that the income tax and sales tax measures would be applicable from July 1, 2018. This would include revenue measures of the income tax and sales tax and legal/procedural changes introduced in the Income Tax Ordinance 2001, Sales Tax Act 1990 and Federal Excise Act through Finance Act 2018.
However, the customs duty measures would be effective from the next day of assent given to the Finance Act 20018 by the President. The clauses 3(2), 3(3), 3(19), 3(20), 3(22) 6(11)(a) & 6(11)(b) shall have effect on the next day of assent given to Finance Act by the President, they said.
Finance Act 2018 read as: "It shall come into force on the first day of July, 2018 except clauses 3(2), 3(3), 3(19), 3(20), 3(22) 6(11)(a) & 6(11)(b) which shall have effect on the next day of assent given to this Act by the President." This means that the increase and decrease in regulatory duties, changes in customs duty structure on imports and reduction in duties on imports would be effective from the next day of assent given to the Finance Act 20018 by the President, the sources added.