The Federal Board of Revenue (FBR) has imposed 10% Regulatory Duty on import of motor spirit. The motor spirit is a transparent, petroleum-driven liquid that is used primarily as a fuel in international combustion engines. As per the authority this notification will remain in force till June 30, 2022.
As per the notification: “”In the exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act, 1969, the federal government has imposed regulatory duty at a rate of 10% on import of motor spirit (PCT code 2710.1210).”
“However, the imports of motor spirit where customs duty at a rate of 10% is paid will be exempted from this levy of regulatory duty,” the notification further read.
As per media reports, after this increase in regulatory duty, retailer would seek revision of the tariff and may go on strike.
Sulman Ali,
Please edit this blog and remove the spelling mistake “international combustion engines” is not that internal combustion engines.
Does that mean that fuel prices are going to increase again?