ISLAMABAD: Federal Board of Revenue (FBR) has increased federal excise duty (FED) on cement from Rs 1.25 per kilogram to Rs 1.50 per kilogram, the duty would be effective from today (Friday) under the clauses 3(2), 3(3), 3(19), 3(20), 3(22) 6(11)(a) & 6(11)(b).
Sources told Customs Today that FBR has not issued statutory regulatory orders (SROs) for changes in rates of regulatory duties and other changes of customs duties where required through notifications. The changes in duties/RDs where applicable through the SROs have yet not been enforced.
Finance Act 2018 read as: “It shall come into force on the first day of July, 2018 except clauses 3(2), 3(3), 3(19), 3(20), 3(22) 6(11)(a) & 6(11)(b) which shall have effect on the next day of assent given to this Act by the President.”
This means that the increase and decrease in regulatory duties, changes in customs duty structure on imports and reduction in duties on imports would be effective from the next day of assent given to the Finance Act 20018, the sources added.
It is important to mention here that this would include revenue measures of the income tax and sales tax and legal/procedural changes introduced in the Income Tax Ordinance 2001, Sales Tax Act 1990 and Federal Excise Act through Finance Act 2018.
