June 17, 2002	Monday	Rabi-us-Sani 5, 1423

Please Visit our Sponsor (Ads open in separate window).

ISLAMABAD, June 16: The federal government has reduced the customs duty on stainless steel products, textile items, vehicles, while it has levied 10 per cent duty on high speed diesel and 5 per cent on some other products.

In the budget 2002-03, the government has lowered the maximum rate of duty from 30 per cent to 25 per cent and introduced four new duty slabs — 25 per cent, 20 per cent, 10 per cent and 5 per cent.

Major items which have seen their duty lowered included tea, tyres, iron and steel products, paper, plastic and allied products, textile articles and auto parts.

The duty on stainless steel plates and alloy steel has been reduced from 10 per cent to 5 per cent; on 12 textile items from 20 per cent to 15 per cent; on 72 textile items from 20 per cent to 10 per cent; on 90 textile items from 10 per cent to 5 per cent

The government has also cut duty to 75 per cent from the previous 100 per cent on vehicles up to 1000cc; to 100 per cent from the previous 120 per cent on cars up to 1500cc; to 125 per cent from the previous 150 per cent on vehicles up to 1800cc and to 200 per cent from the formerly-charged 250 per cent duty on vehicles exceeding 1800cc.

The rate of customs duty on motorcycle was also reduced from 105 per cent to 75 per cent.

Similarly, the government cut the customs duty on import of LPG from 10 per cent to 5 per cent.

The duty was reduced from 10 per cent to 5 per cent on grain handling equipment; from 25 per cent to 20 per cent on semi-manufactured pipe fitting; from 20 per cent to 10 per cent on mechano therapy appliances; from 10 per cent to 5 per cent on silkworm eggs, from 10-20 per cent to 10 per cent on various dioxide; from 30 per cent to 20 per cent on lactose and malt dextrin; from 20 per cent to 10 per cent on activated carbon; from 20 to 10 per cent on glass tubing, from 30 per cent to 10 per cent on ribbon cartridges for dot matrix printer.

Similarly, the government has increased the duty on dumper trucks from 30 per cent to 40 per cent; on chilies from 10 per cent to 20 per cent; edible oil seeds from 5 per cent to 10 per cent. Likewise, customs duty at the rate of 10 per cent was levied on high speed diesel.

The government has increased the duty-free allowance of the overseas Pakistanis who remit foreign exchange and allowed them to purchase locally manufactured electrical and electronic items free of sales tax.

For remittance of over $2500, the rate of allowance was raised from $700 to $800, while for remittance of over $10,000, the rate of allowance enhanced to $1500 from $1200, respectively.