313ghazi
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ISLAMABAD:
Following in the footsteps of its predecessor, the Pakistan Tehreek-e-Insaf (PTI) government on Tuesday notified the imposition of heavy regulatory duties on the imports of more than 570 products.
The step was taken to discourage their imports and generate additional minimum revenues of Rs20 billion.
The Federal Board of Revenue (FBR) issued the notification a month after the federal cabinet approved imposing duties on items that include cheese, vehicles, mobile phones fruits and vegetables.
Govt agrees to review taxes on shares trading
The additional revenue of over Rs20 billion that the government will generate this year by charging higher duties is part of Rs91 billion new taxes imposed through the mini budget.
The government has not even spared Christmas trees and baby bicycles from the levy of duties, also describing these items as luxury.
Through the Statutory Regulatory Order 1265, the FBR has targeted 570 tariff lines as part of the measures to curb the imports in an effort to lessen pressure on the external sector.
The development came despite the fact that all such measures have failed to yield the desired results in the past and the country booked a record current account deficit of $18 billion in the last fiscal year.
The duties will be charged over and above the up to 22% customs duties rates that will adversely hit the prices of the goods.
Govt starts tax drive without empowering FBR wing
Out of 570 tariff lines, the FBR has introduced duties on 80 items for the first time. Those are live animals, meat, fish, eggs, paper and paper board, motorcycles, bicycles that will now be subject to 5% to 10% of duties, according to the FBR.
On the remaining items, the FBR has significantly increased the duties. Some of the items are fish frozen & fish fillets, cheese, curd, fruits and nuts, juices, tobacco, motor cars.
https://tribune.com.pk/story/1827517/1-govt-notifies-duties-570-products/
Following in the footsteps of its predecessor, the Pakistan Tehreek-e-Insaf (PTI) government on Tuesday notified the imposition of heavy regulatory duties on the imports of more than 570 products.
The step was taken to discourage their imports and generate additional minimum revenues of Rs20 billion.
The Federal Board of Revenue (FBR) issued the notification a month after the federal cabinet approved imposing duties on items that include cheese, vehicles, mobile phones fruits and vegetables.
Govt agrees to review taxes on shares trading
The additional revenue of over Rs20 billion that the government will generate this year by charging higher duties is part of Rs91 billion new taxes imposed through the mini budget.
The government has not even spared Christmas trees and baby bicycles from the levy of duties, also describing these items as luxury.
Through the Statutory Regulatory Order 1265, the FBR has targeted 570 tariff lines as part of the measures to curb the imports in an effort to lessen pressure on the external sector.
The development came despite the fact that all such measures have failed to yield the desired results in the past and the country booked a record current account deficit of $18 billion in the last fiscal year.
The duties will be charged over and above the up to 22% customs duties rates that will adversely hit the prices of the goods.
Govt starts tax drive without empowering FBR wing
Out of 570 tariff lines, the FBR has introduced duties on 80 items for the first time. Those are live animals, meat, fish, eggs, paper and paper board, motorcycles, bicycles that will now be subject to 5% to 10% of duties, according to the FBR.
On the remaining items, the FBR has significantly increased the duties. Some of the items are fish frozen & fish fillets, cheese, curd, fruits and nuts, juices, tobacco, motor cars.
https://tribune.com.pk/story/1827517/1-govt-notifies-duties-570-products/
