ISLAMABAD: Government has announced tariff concessions on the import of additional 340 items, which includes crude oil from South Asian Association for Regional Co-operation (SAARC) member countries under the South Asian Free Trade Area (SAFTA) from January 1, 2014.
Federal Board of Revenue has amended SRO 1274 (I)/2006 through an SRO 1073 (I)/2013 in this regard. Through SRO 1073 (I)/2013, a new table has been added to allow tariff concessions on the import of 340 items from SAARC member countries with effect from January 1, 2014. Under the SRO, customs duty of Rs 3288/MT would be applicable on the import of crude oil (PCT heading 1508.1000) under SRO 1073 (I)/2013 from January 1, 2014.
The reduced rate of duty would also be applicable on the import of different kinds of fruits, tobacco for chewing, matches, woven fabrics, machines and apparatus for the manufacturers of flat panel displays, amplifiers, articles of apparel and clothing accessories and other items specified in the SRO 1073(I)/2013.
This is subject to the condition that if imports are made in conformity with the “Rules of Determination of Origin of Goods under the Agreement on SAFTA” and the “Operational Certification Procedures For South Asian Free Trade Area (SAFTA), Rules of Origin” and further subject to the Import Policy Order notified by the Ministry of Commerce.
