The regulatory duty on over 350 used cars, mobile phones and other items has been abolished

Islamabad,  April 12 : The government has abolished regulatory duties on more than 350 items, including used cars and mobile phones. With the expiration of two SRAs (Statutory Regulatory Orders) that imposed regulatory duties, over 600 cars stranded at ports due to clearance issues will also be facilitated. The FBR (Federal Board of Revenue) has abolished regulatory duties on more than 350 items, including used cars and mobile phones up to 1800 CC.

This move will help to reduce the prices of various items, including home appliances, high-tech mobile phones, meat, fish, fruits, vegetables, shoes, furniture, ice cream, and pet food, as well as musical instruments and other goods, by reducing the regulatory duties imposed on them.

It has been reported that the expiry of the two SRAs that imposed regulatory duties on these items occurred on 31st March 2023. However, the Chairman of the Tariff Policy Board has refused to extend the deadline for these SRAs.

However, more than 350 items will become cheaper when the deadlines for these SRs expire. The expiry of the deadlines for two SRs imposed by regulatory duty will also help in clearing more than 600 stuck vehicles at ports. On the other hand, there is a possibility of getting a written guarantee for a financing of 1 billion dollars from the UAE next week. Media reports suggest that the deals for financing of 1 billion dollars have been finalized with the UAE, and IMF will also receive a written guarantee from the UAE authorities.

The Ministry of Finance will inform the IMF in Washington about this matter during the annual meeting. According to sources, Finance Minister Ishaq Dar had requested special financing from the IMF through friendly country UAE for a loan agreement, while the Prime Minister’s Office had also requested from friendly countries to fulfill the IMF’s conditions.

No comment

Leave a Reply

Your email address will not be published. Required fields are marked *