LAHORE: The Federal Board of Revenue (FBR) has agreed to evaluate imported automotive parts on unit basis for the purpose of charging customs duty and other taxes on these, replacing the current method of clearing the items on the basis of their weight.
The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has appreciated the move and said it would bring additional tax revenues of billions of rupees to the government besides saving thousands of jobs.
The decision was made after a Paapam delegation met officials at the Directorate of Customs Evaluation in Karachi earlier this month. Taking cognizance of the negative impact on the economy of the country, FBR had asked the Evaluation Directorate to make basic change of fixation of import values and subsequent clearance from weight to unit based system. A final proposal for adoption of the new system will be completed by the end of this month.
Published in Dawn, October 20th, 2019