Business

ISLAMABAD (Web Desk) – The federal government on Friday announced the reduction of customs duty on imported LED lights and kept the exemptions in place for imported solar panels and related components.

Finance Minister Senator Ishaq Dar announced the relief measures during his budget speech on the floor of the National Assembly on Friday.

Customs duty on the import of parts of LED lights will be reduced from 20 percent to five percent, he said.

He added that, as per law, a schedule of items used in renewable energy could be imported duty-free.

More generic descriptions and classifications were proposed to be included in this list which include items like LED bulbs and lights, off grid portable solar home systems etc.

Import of solar panels and related components were exempted from customs duty regardless of local manufacturing of their substitutes till 30th June 2016. It is proposed that this relaxation would be extended till 30th June 2017.

Sales tax on import of dumper trucks for Thar coal will be abolished he added.