The Federal Board of Revenue (FBR) has announced new import duties effective July 1, 2024, introducing a 2 per cent Additional Customs Duty (ACD) on 2,200 items and increasing Regulatory Duties (RD) on 657 luxury and non-essential goods.
The ACD, now applied to items previously exempt from duty, will range from 2 to 7 per cent as outlined in SRO 929(I)/2024. Regulatory Duties will vary from 5 to 55 per cent on a wide range of items.
For vehicles, a 7 per cent ACD will be imposed on cars, jeeps, and light commercial vehicles in Completely Knocked Down (CKD) condition exceeding 1,000 cc, as well as heavy commercial vehicles in CKD condition, as per SRO.928(I)/2024, replacing S.R.O. 966 (I)/2022.
The new RDs impact various imported goods, including:
Certain imports are exempt from these duties, including those under S.R.O. 678, Chapter 99 of the Customs Act, the Temporary Importation Scheme (S.R.O. 492(I)/2009), the Fifth Schedule to the Customs Act, and others specified in the notice.
Additionally, the RD for CKD/SKD kits for home appliances not specified separately is set at 5 per cent. SRO.929(I)/2024 also details a 2 per cent ACD on sub-components, components, and sub-assemblies for automotive vehicles and climate control equipment, including those used in agricultural tractors and road tractors (Prime Movers).
The Pakistan Meteorological Department (PMD) has forecasted heavy rainfall across the country from July 5…
Meta Platforms has announced the end of its widespread prohibition on the word "shaheed" following…
Petrol stations across Pakistan will shut on July 5 as the Pakistan Petroleum Dealers Association…
The Competition Commission of Pakistan (CCP) has approved a significant merger in the cross-border remittances…
Pakistan will host the Shanghai Cooperation Organization (SCO) Heads of Government meeting this October, as…
Lebanon's Hezbollah launched a heavy rocket and drone attack on Israel on Thursday, threatening to…
This website uses cookies.