ISLAMABAD: Finance Minister Miftah Ismail announced that government is lifting ban on import of non-essential and luxury goods. He said that government has also decided to withdraw fixed Sales Tax imposed on traders as he addressed media here.

However, government will impose heavy regulatory duties on such goods. “We will try to impose thrice existing amount of regulatory duty,” he said as explained that government did not have enough foreign exchange.

“With 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 imposition of heavy regulatory duty custom duties will discourage import in large quantities. He said that duty on completely built appliances and cars, among other goods will be increased. Miftah said that it is necessary to lift ban on imports in order to meet international requirements.

International Monetary Fund has indicated that Pakistan should lift ban on imports soon, he added. Miftah clarified that we have fulfilled all of IMF’s conditions, with help of China and other friendly countries that have cooperated with Pakistan.

Published in The Daily National Courier, August, 19 2022

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