The government has decided to reduce regulatory duties on mobile phone imports. The government has taken this initiative to provide significant relief to consumers confronting rising prices.
Imported mobile phone prices have decreased by 25 percent, so mobile phone consumers must be pleased. According to the reports, mobile phones have become significantly affordable as a result of the government’s decision.
Rizwan Irfan, president of the Electronic Dealers Association (EDA), stated, “After the elimination of the regulatory duty, the prices of imported mobiles have begun to decrease on the market.”
He verified that after the elimination of regulatory fees, the price of mobile phones has decreased by 25%. According to his estimation, the mobile phone, which previously cost Rs 30,000, is now worth Rs 22,500 due to the elimination of regulatory duty.
In addition, he stated that locally manufactured mobile phones have not become less expensive, whereas the demand for non-PTA (Pakistan Telecom Authority) mobile phones has increased as a result of the price increase.
In addition, the government has decided to eradicate the tax because its policy to reduce imports by imposing heavy taxes did not generate substantial revenue.
The validity of the two Statutory Regulatory Orders (SROs) that imposed tariffs expired on March 31 because the tariff policy board declined to extend their validity.
Following the expiration of SROs, the regulatory duty imposed on mobile phones will be reduced. In contrast, importers of used vehicles up to 1800cc will be exempt from the tax.
Due to dwindling dollar reserves, the government banned the importation of a variety of products on May 19.
In addition, the Tariff Policy Board denied the Federal Board of Revenue’s request last month to extend the SROs’ validity until June 30.
In addition, the government announced that the duty tax on old and new automobiles, household appliances, livestock, high-tech mobile phones, footwear, furniture, dog and cat food, and ice cream has been reduced.
Nearly 500 to 700 imported automobiles with various engine sizes that were stranded at the airport due to a lack of foreign currency will also benefit from the reduced taxes.
Due to the low production and subpar quality of locally assembled automobiles, people are forced to import pre-owned vehicles. Indeed, the current inflation rate and economic crisis have had a negative impact on automobile purchasers. The reduced rates will be mitigated by the devaluation of the currency.