ISLAMABAD: The Federal Board of Revenue (FBR) has imposed a 10 percent regulatory duty on the import of motor spirit till June 30, 2022.

However, the imports of motor spirit where 10 percent customs duty is paid shall be exempted from the levy of regulatory duty.

ECC imposes 10pc RD on MS import

According to a notification issued by the FBR here on Tuesday, in the exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act, 1969, the federal government has imposed regulatory duty at a rate of 10 percent on import of motor spirit (PCT code 2710.1210) with the stipulation that the regulatory duty shall not be levied on cargoes for which LCs had already been opened or were at high seas. Moreover, the imports of motor spirit where customs duty at a rate of 10 percent is paid shall be exempted from the levy of the regulatory duty. This notification shall remain in force till June 30, 2022, the FBR added.

Copyright Business Recorder, 2022