Govt imposes 5 to 80pc regulatory duty on imported items
The Federal Board of Revenue (FBR) has issued a notification.
ISLAMABAD (Dunya News) - The government slapped regulatory duties on more than 731 imported products mostly eatables, electronic items and imported cars aimed to curtail the whopping import bill.
Shahid Khaqqan Abbasi, Prime Minister of Pakistan while chairing the apex body meeting of Economic Coordination Committee some two weeks back announced that the government has decided to clamp additional regulatory duties on imported products.
This was announced on Tuesday through Federal Board of Revenue notification imposing regulatory duties from 5 to 80 percent on various products. The products to face regulatory duties are imported fruits, vegetables, juices, shampoos, shavers, mirco wave oven, tea maker, food processing machine, imported new cars, sports products such cricket and hockey balls, and some items belonging to women makeup kits etc.
The duties on imported new cars have been imposed on 660cc to 1800 cc in the range from 15 to 20 percent. Following the imposition of duties the imported cars price tag would increase by Rs 65000 to Rs 12500 per unit. While the price of deep freezers, led tv, lcd tv, mirco ovens and other products ranging from Rs 600 to Rs 12000 per unit.
The measure though taken to curtail imports which might reduce the bills by 600 million dollars to 700 million dollars. But it would increase the volume of smuggling in the country as the increase in regulatory duties to give cushion to grey market in proportion to 10 percent to 60 percent. This would increase the hundi and hawala system as the smuggling of goods to be financed through non-banking channels.
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