Govt is Considering Increasing Taxes on Imports
The public authority is thinking about expanding the duty on the import of cell phones, eatables, and other extravagance things, and restricting the import of specific extravagance things.
Official sources in the Ministry of Finance let ProPakistani know that the public authority means to go to these severe lengths to control the rising import bill and expanding import/export imbalance.
The import bill for cell phones, vehicles, and food has surpassed $11 billion, in light of which an expansion in the assessment on the import of cell phones has been proposed, alongside a prohibition on the import of vehicles through and through. Cell phones worth $1.81 billion were imported throughout recent months and the bill for vehicle imports came to $1.66 billion during a similar period.
The import of eatables came to $7.74 billion during the July-April period, and it has additionally been suggested that the expense on food imports and other extravagance things ought to be expanded, the sources uncovered.
Also, the import bill for oil based goods, including unrefined petroleum and gas, came to $17 billion in the initial 10 months of the ongoing monetary year. The sources added that the expansion in the costs of unrefined petroleum in the worldwide market has prompted a multiplying of Pakistan’s oil import bill.