FBR grants Rs42.38bn duty exemption for FTA/PTA during 2017/2018

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ISLAMABAD: Federal Board of Revenue (FBR) has allowed Rs42.38 billion as duty exemption, concessions for imports under Free Trade Agreements (FTAs) and Preferential Trade Agreement (PTA) during the outgoing fiscal year.
The current cost of duty exemption is Rs1.65 billion higher than Rs40.73 billion as cost incurred during fiscal year 2016/2017.
Following are the duty exemptions granted during 2017/2018 under FTA/PTA:
01. Rs31.415 billion for 659(I)/2007 30.06.2007: Exemption from customs duty on import into Pakistan from China
02. Rs1 million for 1296(I)/2005 31.12.2005 Exemption from customs duty on import into Pakistan from China
03. Rs9 million for 497(I)/2009 13.06.2009 Concession of customs duty on import into Pakistan China
04. Rs274 million for 558(I)/2004 01.07.2004 Concession of customs duty on goods imported from SAARC and ECO countries
05. Nil amount for 894(I)/2006 31.08.2006 Exemption from customs duty on import into Pakistan from Iran under Pak-Iran PTA.
06. Rs1.329 billion for 1274(I)/2006 29.12.2006 Exemption from customs duty on imports into Pakistan from under SAFTA Agreement.
07. Rs15 million for 1151(I)/2007 26.11.2007 Exemption from customs duty on goods imported from Mauritius.
08. Rs2.674 billion for 1261(I)/2007 31.12.2007 Exemption from customs duty on import into Pakistan from Malaysia.
09. Rs2.802 billion for 280(I)/2014 08.04.2014 570(I)/2005 06.06.2005 Exemption from customs duty on imports from Sri Lanka
10. Rs3.865 billion for 741(I)/2013 28.08.2013 Exemption from customs duty on import into Pakistan from Indonesia.