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Pak levies 10% import duty on cotton yarn
19
Jul '16
Pakistan government has announced an import duty ranging from 10% to 30% on cotton yarn and other commodities such as iron and alloy steel, according to media reports from Karachi, the country's commercial capital.

As per SRO 614(I)/2016, government has withdrawn regulatory duty exemption on the import of cotton yarn, which would now be subject to 10 % regulatory duty (RD).

Pakistan imported cotton yarn worth $27.35 million in the first half of this calendar year.

According to the SRO, semi-finished products of iron or non-alloy steel and various sections of steel beams would be subject to 30% import duty, while import of alloy steel in ingots or other primary forms would attract a levy of 15% and imported semi-finished products of high speed steel would be slapped with 25% regulatory duty.

Earlier, bars and rods, angles, shapes and sections, hollow drill bars and rods of alloy or non-alloy steel were exempt from import duty but even these items will attract a regulatory duty of 30% on their import.

The import of the above mentioned iron-steel products during the first half of this calendar year stood at $60.141 million. Also, the import of unsweetened cocoa powder which stood at $6.72 would now attract a regulatory duty of 10%. (SH)

Fibre2Fashion News Desk – India

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