FBR announces tax relief on imports from seven countries

ISLAMABAD: The Federal Board of Revenue (FBR) has announced tariff concessions under the D-8 Preferential Trade Agreement on imports of goods and manufactured products from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turkey from January 2025. The FBR issued an SRO.2075(I)/2024, here on Tuesday.

According to the notification, imports into Pakistan from the member countries of the D-8 Preferential Trade Agreement, namely; Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkey, are made in accordance with the D-8 Preferential Trade Agreement Rules, 2024, issued in pursuance of the Preferential Trade Agreement between the D-8 member countries and read with the Import Policy Order, 2020.

Now, therefore, in exercise of the powers conferred by Sections 18C and 19 of the Customs Act, 1969, the Federal Government has exempted imports into Pakistan from the contracting member countries of the D-8 Preferential Trade Agreement, namely Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and goods falling under the headings and sub-headings of the First Schedule to the said Act from customs duty (CD) with effect from 10th January, 2025 as specified in the First Schedule to the Customs Act, 1969 (IV of 1969) or as notified by the Federal Board of Revenue. (FBR) on 10th July 2022, as per the rate specified respectively, from the relevant date thereof, in accordance with the said agreement:

Provided that where the rates of CD are specified are higher than the rates specified in the First Schedule to the Customs Act or as notified by the FBR, as the case may be, the lower rate of CD shall be applicable, the notification added.