*ISLAMABAD: Taxes on mobile phones and vehicles above 1000cc are going tobe doubled as the federal government has planned to increase duty onimported products. *
According to the proposed increase in tax on imported items, the governmenthas planned to increase regulatory duty on tyres by 50 per cent, 10 percent on machinery and 50 per cent on household machinery.
According to sources within FBR, a 30 percent increase in regulatory dutyon power generation related machinery and 10 percent on steel products isalso proposed for the budget 2022-23.
“100 percent regulatory duty will be hiked on vehicle above 1000cc,” theysaid adding that duty on mobile phones will also be doubled and it hasproposed to increase it from Rs6,000 to Rs44,000.
It has been further proposed link thatregulatory duty on imported tiles should be increase by 40 percent.
According to sources, the measures are aimed at minimizing the currentaccount deficit that has ballooned owing to higher imports in the country.
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It is pertinent to mention here that the government’s indecisiveness on keymeasures to arrest US dollar’s upward slide has led to greenback’s risingstreaklinkthe rupee on Wednesday as it reached an all-time high of Rs200 in the openmarket.
According to the Forex Association of Pakistan (FAP), the greenback gainedRs1.68 in the interbank market from the previous day’s close of Rs196.50and climbed to Rs197.66 around 11:26am.
The forex dealers said that US dollar gained Rs 2 in the intraday tradingin the open market to trade at over Rs200
