Film industry to benefit from duty concession
ISLAMABAD – Film industry would now be able to import items specified by the government with duty concession.
Latest explanations on budget made by CBR to tax authorities indicate this industry is now subject to concession to compete foreign filmmakers, especially Bollywood.
Duty exemption would now be available to parcel senders through airfreight up to Rs 10,000 as the limit has been extended from 1000, as previously. Customs duty on the import of dumper trucks has been increased from 40 per cent to 60 per cent but over 350 horsepower dumpers for construction would imported to lower rate of 5 per cent.
Industrialists, laboratory owner would now be able to import duty exempted samples from abroad up to the value of US$100 and not US$50, as previously. Duty exemption on CNG kits and stations has been extended for another year.
The government has reduced import duty on CNG buses to 5 per cent, polyester chips yarn grade has been reduced from 20 percent to 17.5 percent; wood from 10 per cent to 5 per cent, meat from 10 per cent to 5 per cent.
Source: The News
Date:6/15/2004
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