Custom duty in Pakistan is a tax imposed by the government on goods that are imported into the country. The purpose of custom duty is to regulate trade and generate revenue for the government. The custom duty is calculated as a percentage of the value of the imported goods and the rate varies depending on the type of goods being imported. The rates of custom duties are determined by the Pakistan Customs Tariff.
Custom duty is an important part of the trade policy of Pakistan and helps the government control the flow of goods into the country, protect domestic industries, and collect revenue. Importers are responsible for paying the custom duty on their imports and are required to follow all applicable regulations and procedures.
In Pakistan, there are several types of custom duties that are imposed on imported goods:
- Basic Custom Duty: This is a fixed rate duty that is imposed on all imported goods. The rate varies depending on the type of goods being imported and is determined by the Pakistan Customs Tariff.
- Additional Customs Duty: This is an additional duty that is imposed on certain types of imported goods, such as luxury items or products that are in competition with locally produced goods. The rate of additional customs duty is also determined by the Pakistan Customs Tariff.
- Sales Tax: This is a tax imposed on the sale of goods in Pakistan, including imported goods. The rate of sales tax varies depending on the type of goods being sold.
- Federal Excise Duty: This is a tax imposed on the manufacture and sale of certain goods in Pakistan, including imported goods. The rate of federal excise duty varies depending on the type of goods being taxed.
- Regulatory Duty: This is a duty imposed on certain imported goods to regulate their import and control the flow of goods into the country. The rate of regulatory duty is determined by the Pakistan Customs Tariff.
It’s important to note that custom duties are subject to change and may be adjusted based on government policies, trade agreements, and other factors. We would recommend checking with the Pakistan Customs department for the most up-to-date information on custom duties.