Duty-Free Import Items Increased During FY 2020
According to information made public by the Federal Board of Revenue, the amount of duty-free goods imported increased to Rs. 2.6 trillion for the tax year 2020. (FBR).
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The amount was Rs. 2.44 trillion in the prior tax year, an increase of 6.4%. The surge has happened despite government efforts to reduce the number of exemptions and concessions.
The data also showed that whereas clearance of duty-free iron and steel had climbed by 257%, clearance of duty-free goods had only improved by 11.6% for the import of 15 items.
On the other hand, imports of products subject to duty have declined throughout that time. Imports subject to duty during the 2020 tax year was Rs. 4.45 trillion, down from Rs. 5.05 trillion the year before.
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With a reduction in dutiable imports of 35%, the car sector was largely to blame for this decline. In 2020, the value of dutiable vehicle imports decreased to Rs. 175.7 billion from Rs. 275 billion in 2019.
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