KARACHI: The Federal Board of Revenue-FBR has allowed the facility of Free Trade Agreement (FTA) with Thailand.
According to details, the FBR has allowed the importers of auto-parts to avail FTA and concessionary facility with Thailand in order to boost the automobile parts’ industry and getting more benefits in this way.
It may be mentioned here that the FBR chairman had allowed the FTA facility with others countries including Malaysia, Indonesia and Thailand. The FBR has planned to bring more countries under FTAs and it granted FTA Certification with Thailand in connection with import of auto parts from Thailand.
It may also be mentioned here that the FBR has also streamlined the FTA rules and regulations under the agreement which is to be followed by the Pakistan Customs with immediate effect.
On the other hand, the business community was of the view that the Free Trade Agreement (FTA) with Thailand could cause damage for local automotive parts manufacturing industry. They were of the view that the duty concessions under the FTA will supersede the existing tariffs announced by the government under the new auto policy, adding that the lower FTA duties will lead to the rollback of localized parts and shelving of planned investments in the future localization and the loss of revenue to the Federal Board of Revenue-FBR.
