Mohsin Siddiqui (Chief Reporter)
The Federal Board of Revenue (FBR) has implemented changes in regulatory duty (RD) rates, notably increasing the RD from 20% to 30% on the import of mushrooms and truffles, effective from March 16, 2024.
This adjustment comes as the FBR issued SRO 407(I)/2024, modifying SRO 966(1)/2022 on Tuesday, to amend the original SRO 966(I)/2022. Under this amendment, the Federal Government imposes RD on imports specified under the Pakistan Customs Tariff (PCT) Code of the First Schedule to the Customs Act.
However, for a one-year period, the 30% RD will not be applicable to the import of mushrooms and truffles that are prepared or preserved otherwise than by vinegar or acetic acid.
Moreover, as per SRO 407(I)/2024, a 15% RD will be applicable on the import of Di-Octyl Terephthalate (DOTP) until June 2024. Additionally, the FBR has raised the RD on the import of Chloroparaffins liquid from 5% to 10% until June 30, 2024.
