ISLAMABAD (HRNW) Finance Minister Miftah Ismail on Thursday announced that the government is lifting the ban on the import of non-essential and luxury goods.
The finance minister added that the government has also decided to withdraw the fixed sales tax imposed on traders as he addressed the media in Islamabad.
However, the government will impose heavy regulatory duties on such goods. “We will try to impose thrice the existing amount of regulatory duty,” said the finance minister as he explained that the government did not have enough foreign exchange.
“With the limited resources we have, we will prioritise essential goods such as wheat, edible oil and cotton instead of iPhones and luxury cars,” said Miftah and added that the imposition of heavy regulatory duty custom duties will discourage import in large quantities.
He also said that the duty on completely built appliances and cars, among other goods, will be increased.
Miftah further added that it is necessary to lift the ban on imports in order to meet international requirements. The International Monetary Fund (IMF) has indicated that Pakistan should lift the ban on imports soon, he added.
Miftah clarified that we have fulfilled all of the IMF’s conditions, with the help of China and other friendly countries that have cooperated with Pakistan.