NBR slashes customs duty for petroleum, solar power generation
To promote renewable energy, the import duty on solar inverters has been slashed from 10% to just 1%
The National Board of Revenue (NBR) has announced a series of tax reforms and adjustments in the national budget for FY202526, with major changes to income tax, VAT, and customs duties.
In a move to implement invoice-based customs valuation instead of tariff-based valuation, the import duty on crude petroleum has been reduced from 5% to 3%, while the rate for other petroleum products has been lowered from 10% to 6%, according to a press release issued by the finance ministry today.
To promote renewable energy, the import duty on solar inverters has been slashed from 10% to just 1%.
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An additional 10 items have been added to the list of medical instruments and supplies that hospitals can import under concessional terms, making healthcare services more accessible to the public, the release said.
Besides, it added, to promote domestic production of high-quality tires, the import duty on Technically Specified Natural Rubber has been reduced from 10% to 5%.
