FBR Announces Tax Concessions on Items Imported from 7 Countries

The Federal Board of Revenue (FBR) has announced tariff concessions, from January 2025 on the import of items and finished products from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkiye under the D-8 Preferential Trade Agreement. The FBR issued an SRO.2075(I)/2024 here on Tuesday. According to the notification, the imports into Pakistan from contracting member countries of the D-8 Preferential Trade Agreement, namely; Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkiye are made in conformity with the D-8 Preferential Trade Agreement Rules of Origin, 2024, issued in pursuance of the Preferential Trade Agreement Among D-8 Member States executed and read with Import Policy Order,2020. Now, therefore, in exercise of the powers conferred by sections 18C and 19 of the Customs Act, 1969, the federal government has exempted with effect from January 10, 2025, the import into Pakistan from contracting member countries of the D-8 Preferential Trade Agreement, namely, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turlciye of the goods specified falling under the headings and sub-headings of the First Schedule to the said Act from the customs duty (CD) as specified in the First Schedule to the Customs Act,1969 (IV of 1969) or as notified by the Federal Board of Revenue (FBR) on July 10, 2022, as in excess of the rate specified respectively with effect from corresponding date thereof, in accordance with the said agreement: Provided that where the rates of CD as has been specified of the are higher than the rates as specified in the First Schedule to the said Customs Act or notified by the FBR, as the case may be, the lower rate of CD shall apply, the notification added.