In a bid to control the prices of edible oil, the federal government on Wednesday slashed the Additional Customs Duty (ACD) on imports of different types of cooking oil by up to five per cent, in addition to a reduction on duty on 1000cc vehicles.
In addition, the ACD on auto-related imports has also been reduced by five per cent.
According to the document available with The Express Tribune, the Federal Board of Revenue (FBR) has amended Notification 845 (I) / 2021 issued on June 30, 2021 to reduce the rate of additional customs duty.
READ Govt to provide tax relief on edible oil
According to the FBR’s amended notification, the duty on the cooling oild has been brought down from 7 per cent to 2 per cent. Following the amendments, the costs of additional customs duty on import of soybean oil, palm oil, mustard oil, sunflower oil, coal oil and other types of crude oil used in the manufacture of ghee and cooking oil has been significantly reduced.
In addition, the FBR has reduced the rate of additional customs duty on imports of conditioned vehicles with more than 1000cc engine power by five per cent, slashing the rate of additional customs duty on imports of jeeps, light commercial vehicles and heavy commercial vehicles from 7 per cent to 2 per cent.