ISLAMABAD (our reporter) :-The Federal Board of Revenue (FBR) has levied 10 percent Regulatory Duty on import of petrol.

The FBR has issued notification in this regard on Tuesday. According to the notification, the Federal Government has levied regulatory duty at a rate of 10 per cent on import of motor spirit (PCT code 2710.1210) with the stipulation that the regulatory duty shall not be levied on cargoes for which Letter of Credits (LCs) had already been opened or were at high seas.

The imports of motor spirit where customs duty at a rate of 10 per cent is paid shall be exempted from the levy of regulatory duty.

This Notification shall remain in force till the 30th day of June, 2022, said in the notification.
The Board has decided to levy the regulatory duty in exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act, 1969 (IV of 1969).

By adminmy

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