The government has raised import duty on gold, silver, and precious metal coins. The new import regulations aim to boost the economy.
The government has raised import duty on gold, silver, and precious metal coins by 15%. Social Welfare Surcharge exemption, 10% Basic Customs Duty (BCD), and 5% All Industry Duty Drawback (AIDC) are included.
Import duty for precious metal-containing catalysts rose to 14.35%. A 10% Basic Customs Duty (BCD) and 4.35% All Industry Duty Drawback (AIDC) with a Social Welfare Surcharge exemption apply.
The new import regulations aim to boost the economy. The government charges import fees or tariffs on goods and commodities. These duties control trade, protect domestic industries, raise government revenue, and affect economic activity.
The Basic Customs Duty (BCD) applies to imported goods, whereas the All Industry Duty Drawback (AIDC) compensates manufacturing related customs and taxes. Exemption from the Social Welfare Surcharge (SWS) relieves social welfare funding obligations.
Conclusion
The government has raised import duty on gold, silver, and precious metal coins by 15%. Spent catalysts with precious metals pay 14.35% tariff, excluding the Social Welfare Surcharge. Adjustments control imports and enhance the economy, boosting income and activity.
