Karachi, August 02, 2024: On Friday, the Economic Coordination Committee (ECC) of the federal cabinet approved the import of 100,000 Metric Tons (MT) of urea.
The decision was made during a meeting chaired by Finance and Revenue Minister Muhammad Aurangzeb, which endorsed a proposal from the Ministry of Industries and Production to ensure an adequate supply of urea in the market.
“This move will help stabilize fertilizer prices during the cropping season,” stated a Finance Division press release.
The meeting was attended by various officials, including Minister for Industries and Production Rana Tanveer Hussain, Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Economic Affairs Ahad Khan Cheema, the Governor of the State Bank of Pakistan, Chairman of the SECP, Deputy Chairman of the Planning Commission, MD PASSCO, Chairman TCP, Federal Secretaries, and other senior officials.
In a related development, the federal government has imposed a regulatory duty on the import of 657 luxury items and notified an additional customs duty (ACD) on 2,200 items.
According to the notification, the Federal Board of Revenue (FBR) has introduced a 2% ACD on items previously subject to a 0% duty. The ACD rates will be 2%, 4%, 6%, and 7%, as specified in SRO 929(I)/2024.
Starting July 1, 2024, the FBR will enforce a 7% ACD on imports of cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 cc, and heavy commercial vehicles in CKD condition.
