100% concession on customs duty to Sri Lankan goods
Federal Board of Revenue (FBR) has granted 100 per cent concession on payment of customs duty to goods imported from Sri Lanka under Pak-Sri Lanka Free Trade Area (PSFTA), says a press release issued here Friday.
The FBR has issued notification SRO 248 (I)/2009 whereby all goods imported under Pak-Sri Lanka Free Trade Area (PSFTA) agreement barring those mentioned in SRO 570(I)/2005 would enjoy hundred per cent reduction in custom duty.
Under the PSFTA, Pakistan was required to reduce custom duty by 100 per cent in three phases. With the issuance of the latest SRO, the third and final reduction amounting to 100 per cent has been granted to Sri Lankan goods. The concession is subject to fulfillment of rules of origin as provided under the relevant SROs and PSFTA.