ISLAMABAD: The Federal Board of Revenue has rescinded SRO 48(I)/2018 issued earlier this year, ending exemption of customs duty on cotton imposed through the SRO.
The FBR, exercising the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), rescinded the said SRO with effect from July 15, 2018.
The Board issued SRO 48(I)/2018 on January 23 this year with the approval of the Federal Minister-in-charge, exempting whole of customs duty leviable under the 1st schedule to the said Act on import of goods specified in column (3) of the said Table as cotton, not carded or combed under PCT Code 52.01 and cotton, carded or combed under PCT Code 52.03.
