Federal Finance and Revenue Minister Miftah Ismail said on Saturday that the government had issued the ORS needed to reverse the ban on imports of luxury items, adding that the Tariff Policy Council will soon come up with new tariff rates. statutory rights which will secure the limitation of Pakistan. foreign currency is spent on essential items.
In a tweet, Miftah said that to meet international obligations, the government issued the SRO,
“Goods blocked in ports will be gradually released with a penalty of up to 100% of the taxable value,” added the Minister of Finance.
“We have to live within our means.”
The statement comes after the Cabinet Economic Coordination Committee (ECC) on Friday approved the lifting of the ban imposed on the import of approximately 33 classes/categories of goods covering over 860 products/tariff lines.
After the announcement by the government to lift the ban, a summary was proposed by the Ministry of Commerce for the approval of the ban/complete quantitative restrictions on the import of non-essential and luxury items.
The ministry said a ban was imposed on the import of about 33 classes/categories of goods covering more than 860 products/tariff lines on May 19, 2022, and trading partners have expressed serious concerns over the import ban.
The ministry said that given that the ban had impacted supply chains and the national retail sector, the ECC decided that the ban could be lifted on all items.
In addition, the ECC has recommended the release of blocked shipments arriving after June 30 until July 31, 2022 upon payment of the surcharge.
At a press conference on Thursday, the finance minister said the import embargo was lifted as desired by the International Monetary Fund (IMF) and the World Trade Organization (WTO).
However, he added that duties – regulatory and customs as well as sales tax – are tripled on the import of CBU items – vehicles, cell phones, electronics, imported meat and fish, shoes, handbags and packed bags. foodstuffs, etc. – to make their importation difficult.
This story originally appeared on Business Recorder here.
