The Federal Board of Revenue (FBR) has proposed increasing regulatory and additional customs duties up to 100% on the import of different items. The move is part of the Federal Government’s policy to cut the monthly import bill by $1 billion.
According to details, the FBR has suggested raising the regulatory duty and additional customs duty on cars above 1,000cc by 100% and 30% respectively.
Moreover, the board has also proposed increasing the regulatory duty on imported tires by 100%, besides suggesting increasing regulatory duties and additional customs duties on a wide range of items.
Other than cars and tires, substantial regulatory and additional customs duties have been proposed on consumer products, home appliances, power generation machinery, general machinery, steel products, ceramics, polypropylene, and mobile phones.
Federal Finance Minister, Miftah Ismail, on Tuesday, also chaired a meeting to review the measures proposed by the FBR. During the meeting, the officials told the minister that the country could save $1 billion on its monthly import bill through these measures.
The proposed regulatory and additional customs duties will take effect only after receiving approval from Prime Minister Shehbaz Sharif. The Federal Government will also try to take the International Monetary Fund (IMF) onboard before imposing these measures.