Duty on import of potato, onion slashed to reduce prices

Online Desk  :  The National Board of Revenue (NBR) has issued a notice reducing import duty on onion, potato and fertiliser, aiming to ease imports and increase the supply of these goods. The import duty on pesticides has been reduced to 5 per cent from 25 per cent, and all regulatory duties and value-added taxes (VAT) on pesticides have been withdrawn, says a press release. Additionally, the import duty on potatoes has been slashed to 15 per cent from 25 per cent, and the existing 3 per cent regulatory duty has been completely withdrawn. The 5 per cent regulatory duty...

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Online Desk  :  The National Board of Revenue (NBR) has issued a notice reducing import duty on onion, potato and fertiliser, aiming to ease imports and increase the supply of these goods. The import duty on pesticides has been reduced to 5 per cent from 25 per cent, and all regulatory duties and value-added taxes (VAT) on pesticides have been withdrawn, says a press release. Additionally, the import duty on potatoes has been slashed to 15 per cent from 25 per cent, and the existing 3 per cent regulatory duty has been completely withdrawn. The 5 per cent regulatory duty on onion import has also been completely withdrawn.

Taking the overall situation into account, important stakeholders and the concerned ministry requested the NBR to take measures to reduce the prices of essential commodities like pesticides, potatoes and onions. As the reduction of import duty may discourage local farmers, the reduced import duties will remain effective only temporarily, until November 30, 2024. The NBR is optimistic that these measures will help keep the market prices of these goods at a reasonable level and it said the incentive for local farmers will continue.