FBR grants duty exemption on import of cotton yarn

ISLAMABAD: Federal Board of Revenue (FBR) notified exemption of customs duty on import of cotton yarn till June 30, 2021.

The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn.

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The ECC on April 14, 2021 approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs.

The FBR allowed duty exemption on cotton yarn on import of following categories:

— Cotton Yarn (other than sewing thread), containing 85 percent or more by weight of cotton, not put up for retail sale.

— Cotton Yarn (other than sewing thread), containing less than 85 percent by weight of cotton, not put up for retail sale.

— Cotton Yarn (other than sewing thread) put up for retail sale.