Govt announces lifting ban on all imports
Miftah Ismail announces govt going to impose heavy taxes on imported goods; Also announces heavy taxes on tobacco industry and no fixed tax on retail shops
Stay tuned with 24 News HD Android App
Finance Minister Miftah Ismail said Thursday while addressing a press conference in Islamabad that the government was lifting the ban on all imports, reported 24NewsHD TV channel.
The finance minister said that the ban on imports was being lifted on the condition of the International Monetary Fund (IMF), adding that the government was going to impose heavy taxes on imported goods.
He stated that the government was also imposing duty on non-essential goods, adding that customs duty would also be imposed on imported vehicles and cell phones.
“The government is also imposing heavy taxes on tobacco and cigarettes. Rs36 billion taxes are being imposed on the tobacco industry,” he declared.
“Money coming into the banking sector has eased the pressure on the rupee. The government is also bringing an ordinance for the retail sector. There will be no fixed tax on small shops,” he said.
“Rs42 billion tax is being removed from the retail sector; Rs27 billion tax is being imposed on the retail sector,” he added.