The Central Board of Revenue (CBR) has reduced the quantity of crude palm oil to be imported by M/s Evian Oils Ltd from 220,000 MT to 35,007 MT per fiscal.
The CBR has amended concessionary SRO 457(I)/2004 through SRO (I)/2004 issued here on Thursday.
Under SRO 457(I)/2004, the unit was entitled to import the restricted quantity of crude palm oil at a concessionary rate of custom duty ie up to 220,000 MT, which has been further reduced to35, 007 MT per year.
As a special concession, the unit has been allowed to pay custom duty at the rate of Rs 9000/MT as compared to other importers who were paying Rs 9500/MT.
Following is the text of the notification issued on Thursday: In exercise of the powers conferred by section 19 of the Custom Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendment shall be made in its notification SRO 457(I)/2004, dated the 12th June 2004, namely:-
In the aforesaid notification in the Table, against Sr. No. 6, in column (5), for the figure "220,000" the figure "35,007" shall be substituted.