Government has formally issued the SRO regarding the exemption of the whole of customs duty on import of cotton under two categories. Additional Secretary/Member (Customs) at the Ministry of Finance, Economic Affairs, Revenue and Statistics (Revenue Division) has issued a notification on Tuesday.

"SRO 48(1)/2018.-In exercise of powers conferred by section 19 of the Customs Acts, 1969 (IV of 1969), the Board with the approval of the Federal Minister-in-charge is pleased to exempt the whole of customs duty leviable under the 1st Schedule to the said Act on import of goods specified....," says the notification that is applicable on import of cotton, not carded or combed (PCT Code 52.01) and the cotton, carded or combed (PCT Code 52.03). This notification shall be deemed effective from January 8, 2018.

Copyright Business Recorder, 2018