January 15, 2019 (MLN): The Economic Coordination Committee (ECC) in its meeting held earlier today, has decided to abolish tax and customs duty on import of cotton, effective from February 1, 2019 to June 30, 2019 to ensure sufficient supply of cotton for the industry.
The committee has further decided to eliminate the obstacles in import of vehicles by approving Commerce Division’s proposal that duty and taxes on all such vehicles will be paid out of foreign exchange arranged by Pakistani Nationals themselves or local recipient supported by bank encashment certificate showing conversion of foreign remittance to local currency.
This applies to the import of all vehicles including those in new/used condition, under personal baggage or gift scheme.
Other than this, ECC approved regulatory amendments in the Export Policy Order 2016 and Import Policy Order 2016 as proposed by Commerce Division aimed at increasing ease of doing business.
Copyright Mettis link News