In a major move to facilitate the tractor industry, the Federal Board of Revenue (FBR) has reduced additional customs duty from 35 percent to 15 percent on the import of Agricultural Tractors.
The FBR has amended S.R.O. 693(I)/2006 through an SRO.2305(I)2022 here on Wednesday.
Under the S.R.O. 693 (I)/2006, the FBR has imposed additional customs duty on the import of specified goods at the rate of 15% of the customs value on goods classifiable under tariff headings of the First Schedule to the Customs Act, 1969 and at the rates specified in notification on the sub-components and components imported as part of any kit form for the assembly or manufacturing of motor cars and vehicles.
As per new SRO.2305(I)2022, the FBR will charge 15 percent additional customs duty for existing manufacturers of Agricultural Tractors, new entrants in tractor manufacturing for manufacturing of new and old make and models of Agricultural Tractors, regardless of HP, it added.