The Central Board of Revenue (CBR) has levied sales tax at the rate of zero-percent on the import and supply of vulcanised rubber thread and cord, covered under Pakistan Customs Tariff heading 4007.0090. The CBR has amended SRO 621(I)/2005 of June 17, 2005 through a notification issued on Saturday.
Official sources told Business Recorder that the vulcanised rubber thread and cord is a basic raw material used in the manufacture of plastic. The zero-rating of this item falling under the PCT heading 4007.0090 would encourage the plastic industry to manufacture this product.
Earlier, zero-rating facility was only available to the vulcanised rubber thread and cord covered under PCT heading ''''4007.0010''''. Now, the concession has also been extended to the item covered under the PCT heading 4007.0090.