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| India-Pakistan |
| Government mulls disaster duty on imported goods |
| 2010-08-14 |
| The government is considering imposing a one-time "flood disaster import duty" on the import of majority of the products, mainly nonessential items, official sources said on Friday. According to the proposal under consideration by the economic managers of the country, food items and import of oil and POL products will remain exempted from the flood disaster import duty, the sources said. Rs 25 billion to 50 billion in revenue is estimated with the imposition of 1 percent of flood disaster import duty on the imports and in case its rate is increased, the revenue outcome would also increase accordingly, they said. The revenue impact of the flood disaster import duty on the import is being worked out, they said, adding however that the scope of the duty and rate of duty would actually determine the revenue realisation through this measures for the people affected by the floods. The sources said the government had imposed flood relief surcharge in 1992 to arrange funds for the flood victims and similar arrangements were also being considered to generate funds for them. |
| Posted by:Fred |