However, the FBR would also generate additional revenue from regulatory duty during the period of June 21 to June 30, 2017. The effective date for collection of RD under SRO 504(I)/2017 and SRO 505(I)/2017 is June 21. The FBR has notified regulatory duty (RD) within the range of 5 to 60 per cent on the import of 67 items under SRO 504(I)/2017.
Through SRO 505(I)/2017, the FBR has revised regulatory duty (RD) on the import of 441 items. Sources said that the replacement of customs duty with regulatory duty on the import of mobile phones would generate Rs 5 billion and exemption of customs duty and imposition of regulatory duty (RD) on the import of telecommunication items/apparatus would raise additional revenue to the tune of Rs 1.5 billion during the fiscal year 2017-18.
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 government has increased regulatory duty from 10% to 25% 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 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. At the same time, the imposition of 2 per cent RD on the import of PVC resin would generate revenue to the tune of Rs 100 million. The imposition of the RD on the import of float glass would generate Rs 50 million.
Copyright Business Recorder, 2017