Islamabad (Lord Media): The federal government has announced a reduction in customs tariffs in the new finance bill, providing a total relief of 180 billion rupees. Duties on over 7,500 raw materials, components, and machinery have been reduced.
According to the budget document, to promote domestic industries, customs duty on more than 90 tariff lines has been reduced from 20 percent to 10 and 15 percent for the next fiscal year. Additionally, additional customs duty on 449 tariff lines has been lowered from 6 percent to 4 percent, while on over 2,000 tariff lines, it has been decreased from 4 percent to just 2 percent.
All raw materials used for the treatment of deadly diseases like cancer have been granted complete exemption from customs duty. Meanwhile, customs, additional, and regulatory duties on agricultural machinery have been entirely abolished. Customs duty on special construction vehicles has been reduced from 20 percent to 10 percent, aiming to boost the national economy and industrial momentum.
