New plan for import duty on newsprint
ISLAMABAD- The government has announced that during the financial year 2000-2001 the certified newspapers would pay import duty on newsprint on a deferred payment basis.
On the completion of the 12-month long defer period, the duty would have to be paid lump sum. The rules notified by the Central Board of Revenue would be applicable to 21 newspapers, which have acquired import registration certificates.
A request for the deferment of duty will be made by an importer on the bill of entry for home consumption and submitted to the import section concerned.
If the importer fails to make payment of the deferred amount or the additional duty payable by him, it will be recovered in accordance with the section 202 of the Customs Act 1969.
These rules will stand expired on June 30.
Source: Dawn
Date:1/9/2001
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