Budget 2023

ISLAMABAD: According to the approved Finance Bill 24-2023 by the federal cabinet, a decision has been made to abolish duties on the import of raw material for solar panel, batteries manufacturing and machinery for solar panels.According to the key points of Finance Bill 24-2023, the federal cabinet has abolished customs duties on raw materials for solar panel manufacturing, as well as on the raw materials for the production of solar panel batteries. Furthermore, duties on the import of machinery for solar panel production and raw materials for solar panel inverters have also been eliminated.Market sources indicate that these measures taken by the federal cabinet may result in a reduction in the prices of solar panels.In addition, the Finance Bill has also eliminated duties on the import of raw materials for diapers manufacturing and decided not to increase taxes on the import of essential commodities.According to the Finance Bill, duties on raw materials for the manufacturing of heaters have been abolished, and a decision has been made to reduce duties on various raw materials for the manufacturing of polyester.The Finance Bill states that duties on the import of machinery for the mining sector have been eliminated, and customs duties on dyes and other related raw materials for the textile sector have also been abolished.Approval has been granted for duty-free import of IT-related equipment, while exemption from duty has been provided on the income from the import of flavored powder for food and beverage, as well as on the import of rice mills machinery.