- The Finance Bill 2025 focuses on Customs reforms to support export growth, consumer welfare, industrial competitiveness, and transparency.
- Objectives include economic sovereignty, employment, productivity, and aligning with the FBR Transformation Plan.
- Tariff rationalization introduces new slabs of 5%, 10%, and 15%, abolishing outdated ones.
- The 0% tariff rate is extended to more items, and Customs Duties are reduced on many codes.
- Additional Customs Duty is reduced across various slabs to lower costs.
- Regulatory Duty is removed or reduced on numerous codes, with a focus on reducing fiscal burden.
- Legislative changes include Centralized Assessment and Examination Units, Digital Enforcement Units, and a Cargo Tracking System.
- Goods Declarations can be filed without advance duty payment, and penalties are introduced for unclaimed cargo.
- The Directorate General of Intelligence and Investigation merges with the Risk Management System for improved operations.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
