July 02, 2024 (MLN): In an initiative to increase regulatory duty on the import of 657 luxury and non-essential items, the federal government has imposed a 25% duty on the import of milk products that are concentrated or contain sugar or other sweetening matter.
Additionally, the government has set a 20% duty on Yogurt, buttermilk, curdled milk and cream, kephir, and other fermented or acidified milk and cream.
This duty applies whether or not these products are concentrated, contain added sugar or other sweetening matter, are flavored, or contain added fruit, nuts, or cocoa.
Butter and other fats and oils derived from milk; dairy spread would face a duty of 20%. Meanwhile, the applicable rate on Cheese and curd would be a whopping 50%.
According to a notification issued by the Ministry of Finance’s Revenue Division, this is effective from July 01, 2024, and, unless rescinded earlier, will remain in force until June 30, 2025.
These actions are being taken by the government to help it meet its challenging tax revenue target of Rs13 trillion for the year (FY25).
