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of <h1>Finance Bill 2010: Customs Duties Rise on Petroleum and Precious Metals; Exemptions for Phones and Garments.</h1> The Finance Bill, 2010 introduces changes in customs duties and legislative proposals effective from February 26, 2010. Key changes include increased customs duties on crude petroleum, refined products, and precious metals, while maintaining the overall rate structure. Exemptions are provided for certain goods like mobile phones, watches, and ready-made garments. Relief measures include exemptions for goods imported for retail sale and specific projects. Rationalization measures target medical equipment and IT software. Legislative amendments expand the Settlement Commission's scope and adjust customs duty calculations for specific goods. Implementation should be smooth, with efforts to guide taxpayers through these changes.
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