[Back]   [Comments]  [Print]

NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

12/06/2003

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Business Recorder -

CATEGORY

HEADLINE

Ghee makers get triple relief: will consumers bene
KARACHI (June 08 2003) : Three incentives have been provided to vegetableghee industry in the national budget for 2003-04, and market sources areof the view that ghee makers would pass on the benefit of these incentivesto the consumers.

The first incentive is that there was a duty at the rate of Rs 9500 perton on the import of crude palm oil.

It has now been reduced to Rs 9000 per ton.

The second incentive relates to warehousing surcharge.

It was levied at one percent. Now this surcharge has been reduced to 0.5percent for the ghee industry.

The third incentive relates to sales tax on import of oilseeds.

There was 10 percent duty on the import of oil seeds. Now it has beenremoved in toto.

In its place, 20 percent sales tax has been imposed on import of oilseeds.

There was a demand of ghee makers that sales tax should be imposed onimport of oilseeds.

It will help the ghee industry and also provide incentives to the localfarmers to grow more oilseeds.

It may be mentioned here that these incentives have not been covered inthe budget speech as it was shortened in the Assembly by Finance Minister.

Copyright 2003 (http://www.brecorder.com)