ISLAMABAD: The government has imposed regulatory duty on import of 36 new products and raised its rates on the existing 240 items in a fresh move to curtail rising trade deficit of the country.
The import of these eatable and luxury items — on which the duty has been raised by up to 50 per cent — saw approximately 40pc growth in the first three months of the current fiscal year, despite the fact that the government has already increased regulatory duties on most of these products in the last budget. This is the second time that the PML-N government has come up with such a huge increase in the rates of regulatory duties on imported items. In the budget for 2017-18, the government raised the regulatory duties on 565 tariff lines.
On Tuesday, the Federal Board of Revenue issued a new notification of regulatory duties on 731 tariff lines.