ISLAMABAD: Customs Member Zahid Khokhar has said that the Federal Board of Revenue has merged eight statutory regulatory orders (SROs) to issue SRO 1035(I)/2017, which has been imposed with effect from October 17.
“There would be about $500 million decrease in the country’s imports by June 30, 2018,” he said, adding that there would also be more than Rs20 billion increase in revenues, which would be spent on the payment of exporters’ refunds.
“Though this SRO, we discouraged import of unnecessary and luxurious items and the burden of increased customs duties on these items would be only on upper class,” said the Customs Member.
Zahid Khokhar further said that keeping in mind the expected surge in smuggling activities after the imposition of the above-said SRO, all the Customs collectorates, especially Quetta, Gilgit-Baltistan and Peshawar as well as Director General of Customs Intelligence, have been directed to urgently intensify anti-smuggling actions.
The new SRO would help boost the local industry, said Customs Member Zahid Khokhar.