Exemptions cost exchequer Rs80.1b

Goods worth Rs1.02 trillion were imported under concessionary SROs and other exemptions on custom duties granted.

ISLAMABAD: Goods worth approximately Rs1.02 trillion were imported under concessionary statutory regulatory orders (SROs) and other exemptions on custom duties granted by the federal government during fiscal 2009-10.

This has resulted in a total loss of revenue of about Rs80.1 billion in the shape of collectible duties.The corresponding loss for the preceding fiscal year was Rs70.5 billion.

Bilateral trade agreements, promotion of free trade by the federal government and other concessionary SROs have resulted in this loss of revenue for the government.

Amongst other industries, the concessions given to various oil exploration and marketing companies for the import of plant and machinery, raw materials and vehicles make up a significant proportion of the foregone revenue.

Published in The Express Tribune, August 15^th, 2010.