A senior official told Business Recorder here on Saturday that the levy of regulatory duty on the import of synthetic filament yarn would generate revenue to the tune of Rs 1.5 billion during 2017-18. Overall levy of RD on different items would generate Rs 10 billion in 2017-18. The changes of customs duty structure on the import of coal would generate revenue of Rs 800 million during the next fiscal year, the official said.
The government has increased regulatory duty from 10 percent to 25 percent on betel nuts and RD at the rate of Rs 200/kg levied on betel leaves. The revenue measure would generate Rs 1 billion in 2017-18. The abolition of concessions available on the import of hybrid electric vehicles (HEVs) would increase revenue of Rs 100 million during the next fiscal year.
The reduction of duty on the import of raw materials for baby diapers would result in revenue loss of Rs 300-350 million. The official said that reduction of duty and removal of RD on the import of grandparent stock of chicken would cause revenue loss of Rs 300 million to the national kitty. However, the reduction of RD on aluminium waste would result in revenue loss of Rs 300 million during 2017-18. The increase in customs duty on the import of aluminium beverages would generate revenue to the tune of Rs 200 million. At the same time, the imposition of 2 percent RD on the import of PVC resin would generate revenue to the tune of Rs 100 million.
The changes in duty structure on the import of raw materials and finished products of metalized yarn would generate Rs 100 million. The imposition of the RD on the import of float glass would generate Rs 50 million. The levy of a uniform rate of 16 percent customs duty on the import of non-composite solvent oils and composite solvent oils would generate Rs 100 million in 2017-18.
The official further explained that withdrawal of a surcharge for cargo-in-bonded, imposed in the past would cause revenue loss of Rs 150 million. The exemption of customs duty on the import of raw skins and hides would cause revenue loss of Rs 50 million to the national exchequer, the official added.
Copyright Business Recorder, 2017