MoF has amended the Standards rates for certain goods

Sep 13, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Ministry of Finance (MoF), Department of Revenue on September 10, 2021 has issued a notification to make changes in the standard rates of certain goods by amending previous notifications, that is Notification No. 50/2017-Customs, dated the June 30, 2017 and Notification No.11/2021-Customs, dated the 1st February, 2021.

Changes made in Notification No. 50/2017-Customs, dated the June 30, 2017 are as followed:

o Against Serial No.57, in column 4 which specifies standard rates, has been substituted with “2.5%”

o Against Serial No.61, in column 4 which specifies standard rates, has been substituted with “2.5%”

o Against Serial No.62, in column 4 which specifies standard rates, has been substituted with “32.5%”

o Against Serial No.65, in column 4 which specifies standard rates, has been substituted with “32.5%”

o Against Serial No.70, in column 4 which specifies standard rates, has been substituted with “2.5%”

o Against Serial No.71, in column 4 which specifies standard rates, has been substituted with “32.5%”

Changes made in Notification No.11/2021-Customs, dated the 1st February, 2021 are as followed:

o Against Serial no. 7,  In the third column, which specifies the description of the goods “Crude Palm Oil” has been inserted

o Against Serial no. 7,  In the forth column, which specifies the rate of the goods, has been substituted with “20%”

[Notification No. 42/2021-Customs] [Gazette ID- 229549]

 


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