ISLAMABAD, June 7: The government has reduced customs duty on 259 items mainly raw materials and components for the engineering, agriculture implements, casting and forging, ceramics, cutlery, bulk and light industries.
The government has allowed levy of 25 per cent duty on used computer monitors to encourage local production; the rate of duty on gold import reduced from one dollar per 11.6 grams of gold to 50 cents, a reduction by almost 50 per cent; rate of duty reduced from 20 and 25 per cent to 10 per cent on dry fresh fruits from Afghanistan; duty on some spices, silk yarn, ball bearings reduced to 10 per cent and on watches to 5 per cent to discourage the smuggling of these items.
Through the bill 2003-04, the duty on vehicle of more than 1800 cc capacity has been reduced from 200 per cent to 150 per cent; warehousing surcharge on edible oils reduced from 1 per cent to 0.5 per cent; duty on tea reduced from 25 to 20 per cent.
The government has reduced the customs duty from 10pc to 5 per cent on import of medical equipment and apparatus based on the use of X-rays or other radiation which were used for diagnostic purposes in the hospitals and medical institutions.
Through the bill, the government has also allowed overseas Pakistanis to import free of duty items like tape recorders, sewing machines, gas burners, DVD player.
The government has also withdrawn exemption on consumable parts, maintenance spares and accessories and duty on crude palm oil has been reduced from Rs9500 per ton to Rs9000 per ton to encourage local value addition.
