Salient Features Of Customs Duty, Regulatory Duty Measures

Following are the salient features of customs duty and regulatory duty measures proposed by the government for FY 2021-22

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Jun, 2021 ) :Following are the salient features of customs duty and regulatory duty measures proposed by the government for FY 2021-22.

- Reduction / exemption of CD, ACD and RD on import of goods falling under 589 PCT codes to incentivize the textile industry.

-Reduction / exemption of CD, ACD and RD on import of flat rolled products of HRC and stainless steel.

- Reduction / exemption of CD and ACD on raw materials and intermediary goods and point of sale machines falling under 328 tariff lines as a consequent of tariff rationalization.

- To incentivize the pharmaceutical sector and to keep the prices stable in the market, - Exemption of CD and ACD on raw material of auto-disable syringes and reduction in tariff on finished auto-disable syringes - Reduction / exemption on inputs / raw materials of food processing industry.

-Reduction of CD and ACD on uncoated paper and paperboard for printing and graphic arts industry.

- Reduction / exemption of CD and ACD on vaccines for veterinary medicines and feed additives to incentivize the dairy sector.

- Reduction / exemption of CD and ACD on goods falling under more than 100 PCT codes relating to tourism industry.

- Reduction of duties on raw material/inputs of footwear industry.

- Reduction / exemption of CD and ACD on inputs for poultry industry.

- Reduction / exemption of CD & ACD on raw materials for Chemical and Artificial Leather Industry.

- Reduction / exemption of CD and ACD on inputs for Electronics Manufacturing Industry.

The government is also decided to adopt the following relief measures for the common man: -Reduction of ACD on goods falling under 2436 tariff lines pertaining to 20% customs duty slab from 7% to 6%.

- Extension in exemption from customs duties on import of COVID-19 related items for further six month.

- Exemption of CD and ACD on Inputs of Ready-To-Use Supplementary Foods (RUSF) and Ready-To-Use Therapeutic Food (RUTF).

- Exemption of CD and ACD on 06 life-saving drugs.

- Enhance the value of unsolicited gifts through post or courier from Rs.20,000 to 30,000.

-The government has also decided to exempt CD and ACD on import of grain storage hermetic bags and cocoons.

-Rationalization of tariff structure on auto sector.

- Rationalization of RD on import of mobile Phones to encourage import substitution - Increase in rates of RD on import of non-essential / luxury items to support local industry.

-Reduction of RD on import of cocoa paste, butter and powder being industrial input goods.

The government also provided the facilitation measures to the export sectors: - To ease of doing business, a new Uniform Export Facilitation Scheme is being proposed. The existing schemes shall be phased out in next two years.

- bond to Bond Transfer of goods through WeBOC without prior approval of the Collector is being proposed to be allowed.

- Reduction of RD on export of molasses, skin and hides to boost positive image of the country with our important trading partners across the world.

Enforcement Features: - Inclusion of master bill of lading and certificate of origin in the existing definition of document to discourage origin fraud.

- Inclusion of the retailing in definition of smuggling to discourage retailers from selling smuggled goods.

- Making shipping lines responsible for re-export of banned items imported in commercial quantities.

- Increasing the pitch of fine in case of non-placement of invoice and packing list in container to inculcate compliance.

- Discouraging smuggling by denying release of vehicles used repeatedly for smuggling against redemption fine.