NBR Cuts Import Duty on Onion, Potato and Pesticide
The National Board of Revenue (NBR) has waived 3 percent regulatory duty on potato imports. Besides, the import duty of the product has been reduced to 15 percent.
Apart from this, the existing 5 percent regulatory duty on onion import has also been withdrawn. This tariff benefit for potato-onion will remain in force till November 30.
NBR has issued a notification in this regard on Thursday (September 5). The notification also reduced import duty on pesticides from 25 percent to 5 percent; All types of regulatory duties and VAT have been waived.
According to the notification, due to the student riots in the last July and August and the ensuing situation, there has been a disruption in the transportation of goods in the country, which has not yet fully returned to normalcy.
In addition, the ongoing flood situation in the eastern part of the country is disrupting the transportation of goods. Considering the overall situation, the important stakeholders and concerned ministries have requested the National Board of Revenue to take measures to reduce the prices of essential commodities like pesticides, potatoes, and onions.
In this situation, the National Board of Revenue has taken the initiative to facilitate the importation of the mentioned products through tax exemptions after an overall analysis. Import duty on pesticides has been reduced from 25 percent to 5 percent, all regulatory duties and VAT have been waived.
The existing 25 percent import duty on potato imports has been reduced to 15 percent and the applicable 3 percent regulatory duty has been completely withdrawn. Besides, the 5 percent regulatory duty applicable on onion has been completely withdrawn.
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