The government has raised regulatory tariffs on imports of basic food and non-food products, as well as luxury goods, by up to 240 percent in the new fiscal year, bringing in an additional Rs27 billion in income.
According to a statement published by the Federal Board of Revenue, the new regulatory responsibilities took effect on Thursday, the first day of the new fiscal year, 2021-22. (FBR).
Despite being a food-short country, the government has imposed a 55 percent regulatory charge on potato imports, while maintaining a 60 percent regulatory duty on wheat imports and a 25 percent regulatory duty on wheat flour imports.
However, wheat-related obligations have been preserved by the FBR in the updated Statutory Regulatory Order (SRO), which replaces a 2019 SRO. The FBR has issued an SRO to put these new revenue measures into action. The final list of items provided is longer than the initial list of things targeted for increased duties by the government.
Over and above the customs duties and additional customs duties, regulatory duties are levied. Regulatory duties are frequently employed as a measure to deter imports. Increased levies on non-essential and luxury items are expected to bring in Rs11 billion in income, while mobile phones are expected to bring in Rs16 billion.
Over and above the customs duties and additional customs duties, regulatory duties are levied. Regulatory duties are frequently employed as a measure to deter imports. Increased levies on non-essential and luxury items are expected to bring in Rs11 billion in income, while mobile phones are expected to bring in Rs16 billion.
Sugar confectionery (including white chocolate) that does not include cocoa is likewise subject to higher duties. Betel leaf regulatory charges have been increased by Rs200, or 50%, to Rs600 per kilogramme.
The regulatory tariffs on mobile phone imports have been increased by 32 percent to 240 percent, depending on the cost of the imported mobile phone.
The duty on a mobile phone set worth $100 to $200 will be Rs7,500, up Rs5,070 or 208 percent, making it the second largest hike for a set used by middle-income people. The set with a value between $200 and $350 will be subject to a charge of Rs11,000, representing a 240 percent increase in both absolute and percentage terms.
Increased tariffs on mobile imports, on the other hand, are expected to boost the production of locally produced devices, according to the tax authorities. The government has also nearly tripled the duty on energy-saving lighting, which has been raised to 5%.
