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Govt Plans Hike In Taxes On Mobile and on Other Imported Items

govt plans hike in taxes on mobile and on other imported items

According to the federal government, Taxes on imported products will be doubled for cars over 1000cc as well as for mobile phones.

The government intends to raise regulatory duties on tyres by 50 percent, on machinery by 10 percent, and on house machinery by 50 percent.

According to sources within the Federal Bureau of Revenue, a 30% increase in regulatory duty on power-generating equipment and 10% increase in steel-based products is estimated for budget 2022-23.

100 percent regulatory duty will be hiked on vehicle above 1000cc,” The ministry has announced that reliving cellphones would likewise be grated twofold, and it has proposed to elevate it from Rs 6,000 to Rs 44,000.

It has been further proposed that regulatory duty on imported tiles be increased by 40 percent.

Sources state that authorities are working hard to decrease the current account deficit that has increased due to a rise in imports in the country.

It’s relevant to point out here that the mention of. The government’s indecisiveness on important policies to stem the dollar’s upward rush led to a streak of dollar exchange against the rupee on Wednesday, when it reached an all-time high of Rs200 in the open market.

According to a financial report of the Pakistani Forex Association of Pakistan (FAP), the US dollar gained Rs1.68 after the close of the previous day at Rs196.50 and climbed to Rs197.66 at about 11:26am.

Foreign exchange dealers explained the dollar gained Rs 2 in open market trading to move above Rs200.'
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