Pak’s duty relief for textile raw goods import
The revenue authority of Pakistan has waived Customs duty and one percent regulatory duty on the import of these raw materials.
The revenue authority of Pakistan has waived Customs duty and one percent regulatory duty on the import of these raw materials. The Federal Board of Revenue issued two different notifications to allow the exemption on goods imported under 13 different HS Codes. The raw materials included different categories of cotton and artificial staple fibre. The exemption has been granted to boost textile exports under the recently announced export package by the Prime Minister. The decision will come into effect from January 16, 2017 to June 30, 2018.
The Federal Board of Revenue has issued similar notification to provide incentives to the textile sector. The Federal Board of Revenue had announced zero rated sales tax on the import of machinery other than the locally-manufactured ones. It also said that only those textile units can avail of this facility, which are registered with the Ministry of Textile Industry. The sales tax incentive is also available to the textile industry on the import of raw cotton and further supply to the spinning industry.