ISLAMABAD – The Federal Board of Revenue (FBR) has imposed new regulatoryduty on 570 luxury items.
FBR has issued a notification to impose the regulatory duty on the importof 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 thegovernment would levy a regulatory duty on the imports pertaining toPakistan Customs Tariff (PCT) code of the first schedule.
As per the order, the government will impose 5 to 10 percent RD on around80 items, which include meat, animal (alive), fish, paper, eggs, paper andpaperboard, bicycles, and motorcycles.
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Moreover, products including frozen fish, fish fillets, curd, cheese,fruits and nuts, tobacco, juice, and motor cars will also be subject to aregulatory duty of 5 to 10% as per the SRO.
Experts believe that the imposition of regulatory duty will help reduce thehigh level of imports, and also increase the revenue of FBR by Rs. 8billion.
