State Bank facilitates sugar importers

KARACHI: The State Bank of Pakistan (SBP) has allowed 100 percent advance payment against the import of sugar by the private importers, a circular said on Monday. “The import of sugar may be allowed on behalf of those importers who have been issued permits by the Ministry of Commerce under the public notice issued earlier,” the SBP circular said. The central bank said the advance payment up to 100 percent of the value of the letter of credit/contract/proforma invoice might be allowed. The government had allowed the import of 200,000 tons of white sugar by the private importers with some concessions such as reduction of sales tax on import of sugar to 1 percent, reduction of withholding income tax on sugar import to 0.25 percent and removal of value added tax at 3 percent on import of sugar.