The removal of regulatory duties on the import of used automobiles up to 1,800 cc, mobile phones, and other items is anticipated to provide consumers with relief.
According to reports, duty taxes on new and used automobiles, high-tech mobile phones, home appliances, meat, fish, fruits, vegetables, footwear, furniture, musical instruments, canine and cat food, and ice cream have also been reduced.
The decision to eliminate the tax was made because the government’s policy to reduce imports by imposing heavy taxes did not produce the intended results and negatively impacted the country’s business sector.
The validity of the two Statutory Regulatory Orders (SROs) that imposed tariffs expired on March 31 after the Tariff Policy Board declined to extend them.
Following the expiration of SROs, the importers of used cars up to 1800cc will receive a 100 percent exemption, while regulatory duty on mobile phones will be reduced in half.
Due to the depletion of dollar reserves, the government imposed an import ban on a variety of products on May 19.
The Tariff Policy Board denied the Federal Board of Revenue’s (FBR) request last month to extend the validity of the SROs until the end of June.