ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday notified imposition of time-bound regulatory duty (RD) and additional customs duty (ACD) on almost 600 to 700 luxury items in the range of 100 to 150 percent maximum to discourage imports.
However, the government could not jack up RDs and ACDs to 400 to 600 percent as earlier claimed by Finance Minister Miftah Ismail.
“We are expecting import compression of 60-70 percent and it will bring additional revenues to the tune of Rs15 billion on a per annum basis,” FBR chairman Asim Ahmed told The News.
Another FBR official said the Tariff Board had discussed each and every tariff line in detail and recommended maximum RD in the range of 100 percent.
If the government wanted to jack up RDs more, it will have to seek permission from the Parliament.
“For the moment, there is no plan to seek permission from the Parliament,” said one top official on the condition of anonymity.
The FBR slapped RDs and ACDs on various items, including vehicles, chocolates, electronics, cosmetics, home appliances, furniture, fruits/vegetables, meat/fish, and footwear.
Up to 45 percent RD on the import of military weapons, 15 to 100 percent on the import of new 4×4 vehicles (CBU), 15 percent to 100 percent on the import of new Minivans (CBU), 70-90 percent RD to 100 percent on the import of all-terrain vehicles (4×4), and 15 percent to 100 percent on the import of new sport utility vehicles/SUVs 4×4 have been imposed.
The increased rates of RDs would remain applicable from August 22, 2022, to Feb 21, 2023, the FBR notification said.
According to the FBR release, seven percent additional customs duty would be applicable on goods falling under tariff slab of 30 percent and higher slabs as well as slabs of specific rates, except the following which shall be charged at the rate of two percent: on the goods falling under specified PCT codes and cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000cc and heavy commercial vehicles in CKD condition.
The FBR has slapped 35 percent additional customs duty on the import of vehicles (sport utility vehicles -SUVs 4×4).
The RD at the rate of 45 percent would be applicable on the import of military weapons and revolvers and pistols.
The RD has been increased from 25 to 45 percent on the import of other arms (for example, spring, air or gas guns and pistols, truncheons).
The RD has been increased from 20 to 45 percent on the import of other firearms and similar devices, which operate by the firing of an explosive charge.
The regulatory duty has been increased from 5 percent to 100 percent on the import of new Vehicles with a cylinder capacity exceeding 1000cc but not exceeding 1300cc.
The board has increased RD on the import of chocolates from 10 to 49 percent; jams, fruit jellies, marmalades, fruit or nut puree, and fruit or nut pastes, obtained by cooking, whether or not containing added sugar or other sweetening matter from 20 percent to 49 percent.
The FBR has also raised RD from 30 percent to 49 percent on the import of spectacles, goggles, and the like, corrective and protective or other.
It also imposed 47 percent RD on the import of pianos including automatic pianos and other string musical instruments.
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