Monday, April 15, 2024

Duty-Free Import Items Increased During FY2020

The import volume of duty-free products rose to Rs. 2.6 trillion during the tax year 2020, according to data released by the Federal Board of Revenue (FBR).

This is up 6.4 percent from the previous tax year’s figure of Rs. 2.44 trillion. Despite the government’s attempts to decrease the amount of exemptions and concessions, the rise has occurred.

The data also revealed that duty-free customs clearance had increased by 11.6 percent only on the import of 15 goods, but clearance of duty-free iron and steel had increased by 257 percent.

Imports of dutiable goods, on the other hand, had decreased over the same time span. During the tax year 2020, the amount of dutiable imports was Rs. 4.45 trillion, down from Rs. 5.05 trillion the previous year.

The automotive industry was responsible for a significant portion of this drop, with 35 percent less dutiable imports. Vehicle imports were dutiable at Rs. 175.7 billion in 2020, down from Rs. 275 billion the previous year.

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