Good news for the people of Pakistan who own smartphones and automobiles. The government has decided to lift import restrictions on a variety of products, including cell phones and pre-owned vehicles with engines up to 1,800 cc. Consumers will likely breathe a sigh of relief as they no longer have to pay the increased prices brought on by the duties that were previously in place.
Variety of goods have got tax exemption
It has been reported that duties have been lowered on a wide variety of goods, including new and old automobiles, high-end mobile phones, home appliances, meat, fish, fruits, vegetables, footwear, furniture, musical instruments, pet food, and ice cream.
The government’s approach of reducing imports by imposing heavy taxes failed to achieve the desired objectives and had a severe influence on the country’s commercial sector, leading to the decision to abolish the tax. After the Tariff Policy Board declined to prolong the two SROs that imposed tariffs on March 31, they formally lapsed.
When SROs lapse, regulatory duty on mobile phones will be cut in half, and importers of old vehicles up to 1800cc would be excused from paying any duty at all.
On May 19th, when the government’s dollar reserves dwindled, it banned the import of several different goods. The Federal Board of Revenue (FBR) requested an extension of the SROs’ validity until the end of June last month, but the Tariff Policy Board did not grant the extension.
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