ISLAMABAD: Minister for Finance Dr. Abdul Hafeez Shaikh said on Friday that new departments would be set up in Customs to check smuggling and solve issues related to transit trade.
“Independent Adjudication Collectorates are being established to oversee judicial and executive affairs separately,” he said in his budget speech. The government, he said gave incentives to local industry by providing relaxation on import duties through SROs, however this complicated method was being made easier now by removing distortions, created by various anomalies.
He said in order to bring in line Pakistan Custom Tariff with international agreements, harmony is being created between it and latest WCO Nomenclature. Similarly, he said tariff headings were being made to harmonize Pakistan Custom Tariff with tariff structure of its Export Partner Countries. The step will benefit exporters, particularly textile sector, he said. -Brecorder
