ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn one percent additional customs duty imposed on cotton and cotton carded.
The FBR issued SRO 59(I)/2018 dated January 25, 2018 to amend SRO 1178(I)/2015 to withdraw the additional one percent customs duty on import of cotton and cotton carded or combed.
Through the latest SRO the FBR added HS Code 52.01 and 52.03 related to cotton and cotton carded or combed inserted in the list of those items which are exempted from levy of one percent additional duty.
Recently, the FBR withdraw sales tax and customs duty on import of raw cotton for reducing the cost of manufacturing for textile industry.
The reduction of additional customs duty will provide further relief to the textile industry and it will also result in increasing exports.
