Following the directive of the Cabinet, the Central Board of Revenue (CBR) has slashed custom duty on import of re-rollable scrap from 25 percent to 10 percent.
The CBR has amended SRO.358(I)/2002 of June 15, 2002, through an SRO(I)/2004 issued here on Saturday.
Sources working in re-rolling industry said that the reduction in duty would be applicable on different types of re-rollable scrap including iron and steel scrap.
According to CBR notification, re-rollable scrap would be liable to 10 percent import duty.
With the reduction of custom duty, local construction industry would benefit by way of substantial decrease in prices of this essential raw material.
Following is the text of the notification issued here on Saturday:
In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendment shall be made in its notification No. SRO.358(I)/2002 dated the 15th June 2002, namely:-
In the aforesaid notification, in TABLE II, after S. No. 72 in column (1) and corresponding entries relating thereto in columns (2), (3), (4) and (5) the following shall be added, namely:-
"73. Re-rollable scrap Respective heading 10% Nil."