ISLAMABAD: The government has imposed/raised regulatory duty on the import of a wide range of items to encourage local manufacturing.
According to the Finance Bill 2024 issued on Wednesday, the FBR has rationalized RD on the import of new and used vehicles, increased/levied RD on flat-rolled products of iron and non-alloy steel, withdrawal of exemption of RD on the import of ground nuts and margarine imported by food confectionary, continuation of RD on import of chloroparafins liquid, withdrawal of RD on import of sliver cans and lollipop sticks.
The customs duty relief measures revealed the exemption of additional customs duty (ACD) on raw materials of fluids and powders for use in Hemodialyzers and an exemption of customs duties on bovine lipid extract surfactant.
FBR plans to collect Rs1.296trn thru duties
The review of Exemption Regime revealed withdrawal of concession of customs duties on import of fresh and dry fruits, review exemption of duties on import of inputs for home appliances, withdrawal of concessions of duties on import of hybrid vehicles, reduction in concession of customs duties on import of electric vehicles having value above US$ 50,000, incentives for manufacturing of solar panels and allied equipment, extension in scope of exemptions on import of machinery and equipment for farming and processing of fish/shrimp and seafood.
Under the tariff rationalisation, the government has increased customs duty on the import of containers for aerosol products, rationalisation of customs duty on the import of parts of submersible pumps, rationalisation of customs duties on the import of wheat, sugar, HSD, LNG streamlining the imports of aviation-related good.
The FBR has levied ACD on localized auto parts to incentivise the local manufacturing sector, creation of new PCT codes for rice flour, night vision goggles, blood collection tubes, solar cables, and tyre tube valves to facilitate trade.
The definitions of “Nuclear Material” and “Radioactive Material” included, for implementation of the National Nuclear Detection Architecture (NNDA) regime, the establishment of the Directorate General of National Targeting Centre (NTC), as a national single window of enforcement for all LEAs and Directorate General of Trade Based Money Laundering for cognizance of offences related to trade-based money laundering, officers of National Command Authority (NCA) and Pakistan Nuclear Regulatory Authority (PNRA) empowered to implement and enforce Customs Act, Intelligence Bureau (IB) added in the list of government agencies mandated to assist Customs in investigations, power for extension of detention period assigned to additional collector or additional director for smooth functioning, two new penal clauses are proposed to take cognizance of offences related to nuclear and radioactive material, rationalisation of pitch of penalty for the importers seeking clearance of declared confiscated goods against payment of redemption fine, enhanced prescribed penalty against a police officer who having seized goods fails to deliver such goods to custom house, penalties enhanced to deter smugglers and miscreants from attacking customs personnel, in view of recent attacks on customs staff, to deter the possibility of illegal removal and pilferage of smuggled goods liable to confiscation placed in the custody of owner, penal provision is proposed, changes are made with the objective of making the system more efficient by accelerating the disposal of pending cases in the Customs Appellate Tribunal, changes are made with a view to ensure that the cases are swiftly decided in the High Courts and also to meet the principles of natural justice and fair trial, strengthening the provision of alternate dispute resolution mechanism.
Copyright Business Recorder, 2024