Summary Finance Minister said that increase in duties has been made to meet shortfall of revenue.
ISLAMABAD (Web Desk) - The government has decided to impose additional taxes of over Rs40 billion to comply with a pre-condition of the International Monetary Fund (IMF) on the last day of its deadline, Dunya News reported.
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Reportedly, the tax department failed to meet its tax collection targets and now the inflation-hit masses will have to pay for their failure in terms of custom duties and the increase in consumer prices eventually.
Addressing a news conference in Islamabad after presiding over a meeting of the Economic Coordination Committee of the cabinet on Monday, Finance Minister Ishaq Dar announced 5-10 percent regulatory duty on 61 imported non-essential luxury items.
He said 5% regulatory duty increase will be imposed on 289 imported items and 1% additional customs duty will be imposed on the imported items. He said that non-dutiable imports will remain exempted from the duties.
The Minister said there will be no custom duty on 25 imported items including raw material, fertilizer and heavy machinery.
He also announced increase in tax on the import of old and used vehicle over 1000 CC. The Finance Minister said that increase in duties has been made to meet shortfall of revenue.
Under the revised duties, the price of 1-ton air-conditioner will rise by 4000 rupees. The price of 12-cubic feet refrigerator will increase by Rs3000. 32-inch TV price will rise by Rs4000 while 40-inch imported TV will now cost 4000 rupees more.
Cost of importing 1000 cigarettes of high quality will increase by Rs125 while medium-quality 1000 cigarettes will now cost Rs100 more upon importing.
On the other hand, the government has decided to maintain prices of petrol and diesel at the present level.
The price of petrol will remain at Rs76.26 and light diesel will be sold at Rs53.23 per liter in December.
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