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FBR raised regulatory duty by 5% to 10% on 570 imported items

ISLAMABAD: The Federal Board of Revenue (FBR) has amplified the regulatory duty by 5% to 10% on the import of almost 570 luxury items, in order to restrain imports and to reinforce the local business. A notice is issued by the tax department on Tuesday, stating that the federal government is in favor to compel a regulatory duty on the import of goods coming under the Pakistan Customs Tariff (PCT) code of the first schedule. According to the notification issued, 5% to 105 regulatory duty has been imposed on around 80…

India to surpass Brazil as top sugar producer

MUMBAI/SAO PAULO: India will surpass Brazil as the world’s top sugar producer next year, with the South American country losing its lead for the first time since the 1990s as its mills allocate increasingly more cane for ethanol production and as low investments dent cane yields. At the same time, with subsidy schemes for a politically sensitive sector, India is expected to churn out a record sugar production of about 35 million tonnes in 2018/19 year starting in October, while Brazil’s output could retreat by about 10…

DRAP allows patients to import medicines for personal use

ISLAMABAD: Drug Regulatory Authority of Pakistan (DRAP) has allowed patients to import the medicines that are not available locally for personal use. Through a statement, DRAP informed to the public and physicians that DRAP allowed patients to import small quantities of medicines for their personal use. "Patients can apply to DRAP offices located in capital and provincial headquarters for import permission," read the statement. There are few medicines which at the moment are not registered in Pakistan due to patent…

Sri Lanka to restrict import of tuk-tuks

COLOMBO: Sri Lanka plans to restrict imports of tuk-tuks in a bid to reduce road accidents and congestion, the country's transport minister said on Friday. Almost a fifth of road fatalities in Sri Lanka are caused by the ubiquitous three-wheel taxis, known locally as "trishaws", which are also choking the road network, minister Nimal Siripala de Silva said. "We have over a million trishaws and our roads cannot take any more," he told parliament, adding that while the government cannot impose a blanket ban on imports,…

Iran lifts ban on kinnow import from Pakistan

ISLAMABAD: Commerce Minister Khurram Dastgir says Iranian Agricultural Ministry has lifted the ban to import kinnow from Pakistan. In a statement, he said this step would expedite the progress in trade relations between the two countries. Khurram Dastgir has urged the exporters of kinnow to avail this terrific opportunity. He said the agreements between the central banks of the two countries will be signed soon.