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Import duty on onion, potato reduced

 VB  Desk

VB Desk

The National Board of Revenue has reduced duty on import of onions, potatoes and pesticides.

The tax reductions for potatoes and onion will remain in effect until 30 November, an official release said on Thursday, saying the customs wing issued three separate gazette notifications in this regard.

The NBR has waived the 5.0 per cent regulatory duty on onion imports, reduced customs duty from 25 percent to 15 percent for import of potatoes and set a 5.0 percent customs duty on pesticide imports.

The decision was taken following requests from the stakeholders and relevant ministries, taking into account the impact of flood and supply chain disruptions caused by the recent student-led mass uprising.

‘Local farmers meet a significant portion of domestic potato and onion demand. Lower import taxes may discourage them from producing these essential crops, that is why the NBR has set a timeline for the tax benefit,’ the statement added.

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