Wednesday, September 28, 2022

Finance Minister Miftah Ismail lifts ban on import of all luxury items

Finance Minister Miftah Ismail lifts ban on import of all luxury items

ISLAMABAD (92 News) - Finance Minister Miftah Ismail on Thursday announced to lift a ban on the import of luxury items.

Addressing a press conference on Thursday, he said that the government is lifting the ban on import of luxury items, but the duty would be so much that the import would be less. "The fixed tax has been eliminated on traders. The retail tax collection had been reduced to Rs27 billion from Rs42 billion," he added.

Miftah Ismail said that the government is increasing tax on tobacco and cigarettes. "We have fulfilled all conditions of the International Monetary Fund (IMF). The loan will be approved during the IMF board meeting to be held on August 29," he added.

He said that China had also helped Pakistan in difficult time which was laudable. "Up to 400-600 percent duty will be imposed on import. A hefty duty will be imposed on import of vehicles. Customs duty, regulatory duty and sales tax will also be imposed," he maintained.

The minister said that an eight percent increase had been witnessed in exports, while imports had been reduced by 19 percent. "As a result, the trade deficit has been reduced by 30 percent," he added.

He said that they had exported one million matric tons "We also export edible oil, ghee and other items. Our top priority is to give bread to 230 million people," he concluded.