Economy

Govt decided to impose ban on import of luxury items

Karachi, May 18, 2022: The federal government on Wednesday decided to impose ban on the import of luxury items aimed to save the depleting foreign exchange reserves of the country.

Prime Minister Shehbaz Shareef chaired a high-level meeting on Wednesday in Islamabad to review the economic conditions.

During the meeting Prime Minister decided to immediately ban the imports of unnecessary and luxury items.

Government has decided to put some regulatory duty on imported items to reduce the import bill.

As per government decision, regulatory duty on Tyres will be increased by 50 percent.

Regulatory duty on machinery will be up by 10 percent and home appliances 50 percent

Power generation machinery regulatory to go up by 30 percent,

Steel products regulatory duty to up by 10 percent

Cars above 1000cc to be up by 100 percent RD and 30 percent and ACD

Regulatory duty on ceramics to be up by 40 percent.

In addition, duty on mobile phones will be doubled. Duty proposed on mobile phones has been Rs 6000 to 44000 per unit.

Economists said that this will help to reduce the import bill and save the foreign exchange reserves. The Pakistani rupee is also depreciating against US dollars due to continued side of foreign exchange reserves, which declined to $10 billion.

The country is also making efforts to revive the IMF program of Extended Fund Facility and the dialogues are in process in Doha.

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