Incentives to encourage newer agri machinery import announced

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Incentives to encourage newer agri machinery import announced

ISLAMABAD, May 26 (APP): Minister for Finance, Muhammad Ishaq Dar on Friday said the government has decided to reduce customs duty and sales tax at import stage to 0 per cent, five years on new and up to five years old combined harvesters machinery.
In his budget speech for year 2017-18 at National Assembly here, he said there is a growing trend of using combined harvesters.
However, the combined harvesters currently being imported are 20-30 years old and are almost junk.
As a result, the harvesting losses can be as high as 10 per cent, he said and added in order to reduce these losses, it has been decided to encourage the import of newer agriculture machinery.
The other incentive is removal of GST on imported sunflower and canola hybrid seeds. GST on imported sunflower and canola hybrid seeds is being removed.
He said sales tax rate from 17 per cent to 7 per cent on certain imported machinery/equipment for poultry is being made while sales tax on import and local supply of agricultural diesel engines between 3 to 36 Horse Power for tube-wells currently having rate of 17 per cent is proposed to be exempted.