10-08-2009, 07:52 AM
ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday announced exemption from customs duty for the import of natural pearls and precious stones or semi-precious stones to facilitate jewellery exports from the country.
To promote gems and jewellery sector, the Cabinet in Trade Policy 2008, approved waiver of customs duties and sales tax on import of Gold, Diamonds, Silver, Platinum, Palladium and precious stones. The waiver was not extended to pearls and other synthetic or reconstructed precious or semi-precious stones though these are increasingly being used in jewellery production. Further, FBR did not comprehensively implement the decision. Trade Policy had proposed to exempt natural pearls and other synthetic or reconstructed precious or semi precious stones from customs duty and sales tax.
In this regard, FBR has issued S.R.O. 863(I)/2009 here stating that in exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No. SRO 567(I)/2006, dated the 5th June, 2006, namely: In the aforesaid Notification, in Table-I,- (a) after S.No.26 in column (1) and the entries relating thereto in columns (2), (3), (4) and (5), the following new S.No. and the entries relating thereto shall be inserted, namely: “26A. 7101.1000 Natural Pearls 0% Nil”; (b) the existing S.No.26A shall be renumbered as S.No.26AA; and © after serial number 26B in column (1) and the entries relating thereto in columns (2), (3), (4) and (5), the following new serial number and the entries relating thereto shall be inserted, namely:- “26BB 71.04 Synthetic or reconstructed precious stones or semi-precious stones, whether or not worked or graded but not strung, mounted or set; un-graded synthetic or reconstructed precious or semi-precious stones, temporarily strung for convenience of transport. staff report
http://www.dailytimes.com.pk/default.asp...2009_pg5_2
To promote gems and jewellery sector, the Cabinet in Trade Policy 2008, approved waiver of customs duties and sales tax on import of Gold, Diamonds, Silver, Platinum, Palladium and precious stones. The waiver was not extended to pearls and other synthetic or reconstructed precious or semi-precious stones though these are increasingly being used in jewellery production. Further, FBR did not comprehensively implement the decision. Trade Policy had proposed to exempt natural pearls and other synthetic or reconstructed precious or semi precious stones from customs duty and sales tax.
In this regard, FBR has issued S.R.O. 863(I)/2009 here stating that in exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No. SRO 567(I)/2006, dated the 5th June, 2006, namely: In the aforesaid Notification, in Table-I,- (a) after S.No.26 in column (1) and the entries relating thereto in columns (2), (3), (4) and (5), the following new S.No. and the entries relating thereto shall be inserted, namely: “26A. 7101.1000 Natural Pearls 0% Nil”; (b) the existing S.No.26A shall be renumbered as S.No.26AA; and © after serial number 26B in column (1) and the entries relating thereto in columns (2), (3), (4) and (5), the following new serial number and the entries relating thereto shall be inserted, namely:- “26BB 71.04 Synthetic or reconstructed precious stones or semi-precious stones, whether or not worked or graded but not strung, mounted or set; un-graded synthetic or reconstructed precious or semi-precious stones, temporarily strung for convenience of transport. staff report
http://www.dailytimes.com.pk/default.asp...2009_pg5_2