The government on Thursday cut duty on rice import, limiting it up to 25 per cent, while imposing 10 per cent import taxes on the onion.
The National Board of Revenue (NBR) has issued three separate Statutory Regulatory Orders (SROs) in this regard.
Revision of the tax measures has been made effective from Thursday.
The exemption on import of rice would be valid until April 30, 2021.
According to the orders, the NBR cut the Customs Duty (CD) on import of rice by 10 per cent and waived its entire Regulatory Duty (RD).
There was around 62.50 per cent tax incidence on import of rice including 25 per cent CD, 25 per cent RD, 5.0 per cent Advance Tax and 5.0 per cent Advance Income Tax (AIT).
The customs wing also imposed a new RD by 5.0 per cent and reinstated 5.0 per cent CD on import of onion.
Officials said the NBR issued the SROs to rationalise the prices of those essential commodities in the local market as well as protect the interest of local farmers.
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