Regulatory duty on over 130 items halved
ISLAMABAD (City news) – Government, while continuing measures to curb smuggling, has halved regulatory duty on more than 130 items and abolished duty on four items.
According to a Commerce Ministry, the regulatory duty on 89 items has been reduced from 5 to 2.5 percent, while the duty on 37 items has been reduced from 8 to 4 per cent.
Five percentage regulatory duty on CKD and SKD engines has also been abolished. Regulatory duty on all types of locks including padlock and furniture lock has also been abolished.
According to the documents of the ministry, regulatory duty on wash basin, crystalline and ceramic tiles has been reduced from 40% to 20% while the duty on LCDs and LEDs has been reduced from 20 to 10 percent, the duty on woven fabrics has been halved and the duty on various types of yarns has been reduced from 8 to 4 per cent.
According to the officials of the Ministry of Commerce, the reduction and abolition of regulatory duty on smuggled goods will discourage smuggling, increase formal trade and increase revenue.