ISLAMABAD – Pakistani government is taking stern measures to cut financial losses, and now the import duty on luxury and nonessential items has been jacked up by whopping 55percent.
Federal Board of Revenue (FBR) made the changes in customs duties on wide range of imported goods in bid to cut the importation of luxury and non-essential items.
With new changes, there will be 2pc additional customs duty (ACD) on over 2000 items, including components used in vehicle and machinery assembly. The apex tax collection agency also introduced regulatory duties (RD) ranging from 5-55pc on hundreds of items.
New Import Duty on luxury items
| Items | Regulatory Duty (RD) |
|---|---|
| Perfumes and Sprays | 20% |
| Watches | 30% |
| Sunglasses | 30% |
| Imported Cycles | 10% |
| Imported Dairy Products | 20-25% |
| Natural Honey | 30% |
| Imported Dates and Other Fruits | 25% |
| Cosmetics | 55% |
| Shaving Cream and Soap | 50% |
| Gents Caps, Overcoats, Jackets, Trousers, and Shirts | 10% |
| Female Overcoat, Jackets, Skirts, Trousers | 10% |
| Imported Jewelry | 45% |
| Oral or Dental Hygiene Products | 50% |
| Cheese and Curd | 25% |
| Potatoes, Other Vegetables, Mixture of Vegetables | 50-55% |
| Sugar Confectionery (including white chocolate) | 40% |
| Tobacco, Partly or Wholly Stemmed or Stripped | 50% |
| Dog or Cat Food | 50% |
| Leather Clothing, Accessories | 50% |
| Video Game Consoles and Machines, Table or Parlour Games | 50% |
Cars, jeeps, and light commercial vehicles (CKD) over 1,000cc face higher ACD. Perfumes, watches, sunglasses, dairy products, and various foods face RD rates varying from 10% to 55%.
Several imports, such as those under specific notifications and temporary import schemes, are exempt from these new duties.
FBR’s latest move is expected to impact both import sector and consumer prices. The new measures are aimed at improving trade balance and reducing reliance on foreign imports, these higher duties may pose challenges for consumers and businesses, potentially slowing economic growth.
https://en.dailypakistan.com.pk/30-Jun-2024/solar-panel-prices-to-drop-further-in-pakistan-after-relief-in-budget-2024-25
