The government is likely to impose Regulatory Duty (RD) on the import of some more items including one or two petroleum products. Sources told Business Recorder here on Thursday that different proposals are under consideration to impose RD on additional items. At present 5 percent regulatory duty is applicable on the import of furnace oil from February 12.

Through an S.R.O.132 (I)/2015 issued by the FBR, in exercise of the powers conferred by sub-section (3) of Section 18 of the Customs Act, 1969 (IV of 1969), the federal government has levied regulatory duty @ 5 percent ad valorem on the import of Furnace oil (PCT code 2710.1941). It is under consideration to expand the scope of RD on additional items. The government may impose RD on the import of petrol and diesel. However, a final decision in this regard is yet to be taken. Besides few petroleum products, RD is expected to be imposed on some more imported items.

The Federal Board of Revenue (FBR) had imposed a 5 percent regulatory duty (RD) on the import of as many as 314 items from February 12; including enhancement of RD from 5 to 10 percent on 287 items, 15 percent RD on 13 items and imposition of 5 percent RD on 14 items such as furnace oil. The FBR is collecting RD on the import of 314 items at the import stage from February 12.

Copyright Business Recorder, 2015