The date for applicability of 10 percent Regulatory Duty (RD) on the import of cotton yarn and grey and processed fabrics of cotton would be November 1, 2015. Sources told Business Recorder here on Thursday that the Federal Board of Revenue (FBR) will issue a notification in this regard. The FBR will also specify the relevant Pakistan Customs Tariff (PCT) headings and types of cotton yarn and fabrics subjected to 10 percent RD.
Economic Co-ordination Committee (ECC) meeting approved a proposal of Federal Board of Revenue (FBR) to impose 10% RD on the import of cotton yarn and grey and processed fabrics of cotton. According to the industry, the decision would be instrumental in protecting the domestic trade and industry from the dumping of highly subsidised import of textile products.