FBR imposes new taxe duties on 570 luxury items
Shares
ISLAMABAD - The Federal Board of Revenue (FBR) has imposed new regulatory duty on 570 luxury items.
FBR has issued a notification to impose the regulatory duty on the import of 570 luxury items by 5 to 10 percent in a bid to promote local industry.
The Statutory Regulatory Order (STO) issued by FBR maintains that the government would levy a regulatory duty on the imports pertaining to Pakistan Customs Tariff (PCT) code of the first schedule.
As per the order, the government will impose 5 to 10 percent RD on around 80 items, which include meat, animal (alive), fish, paper, eggs, paper and paperboard, bicycles, and motorcycles.
Moreover, products including frozen fish, fish fillets, curd, cheese, fruits and nuts, tobacco, juice, and motor cars will also be subject to a regulatory duty of 5 to 10% as per the SRO.
Experts believe that the imposition of regulatory duty will help reduce the high level of imports, and also increase the revenue of FBR by Rs. 8 billion.