Govt allows luxury items with revised tariff

ISLAMABAD: Federal Minister for Finance Miftah Ismail has said that the Tariff Policy Board would soon come up with imposition of regulatory duty on luxury and non-essential imported items.

The federal minister said that it would ensure that our limited foreign exchange was spent on essential items and not on luxury goods. “Tariff Policy Board will soon come up with new regulatory duty rates and it will ensure that our limited foreign exchange is spent on essential items and not on these items that we have recently un-banned. We must live within our means,” he stated in a tweet on Saturday.

Miftah Ismail said in order to meet with international obligations, the government has issued an SRO to reverse the ban on import of luxury items. The goods stuck at the ports would gradually be released with penalty surcharge of up to 100 percent of assessed value.