ISLAMABAD: The Federal Board of Revenue (FBR) has announced tariff concessions on the import of items under Pakistan Azerbaijan Preferential Trade Agreement from December 16, 2024.

According to an S.R.O.2053(I)/2024 issued by the FBR on Thursday, tariff concessions would be available on the import of hazelnuts or filberts Shelled; apricots, vegetable saps and extracts, tobacco, not stemmed /striped, polyethylene, propylene copolymers, casing, tubing and drill pipe, of a kind used in drilling for oil or gas, copper wire of refined copper of which the maximum cross-sectional dimension exceeds 6 mm.

Whereas, the imports into Pakistan from Azerbaijan are made in conformity with the Pakistan-Azerbaijan Preferential Trade Agreement Rules of Origin, 2024, made in pursuance of the Pakistan Azerbaijan Preferential Trade Agreement executed between Pakistan and Azerbaijan, read with Import Policy Order of the Government of Pakistan.

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Now, therefore, in exercise of the powers conferred by sections 18C and 19 of the Customs Act, 1969, the Federal Government is pleased to exempt with effect from December 16, 2024 the import into Pakistan from Azerbaijan of the goods specified from so much of the customs duty (CD), additional customs duty (ACD) and regulatory duty (RD), as specified in the First Schedule to the Customs Act,1969 or as notified by the FBR on July 1, 2022, as in excess of the rate specified with effect from correspondence date thereof, in accordance with the said agreement.

Provided that where the rates of CD, ACD or RD as has been specified are higher than the rates as specified in the First Schedule to the said Act or notified by the FBR, as the case may be, the lower rate of CD, ACD and RD shall apply, the FBR added.

Copyright Business Recorder, 2024