In a bid to control the economic instability, the government is mulling over increasing taxes on import of mobile phones alongside several other items. According to the details, the government plans to double Regulatory Duty (RD) on the import of mobile phones in Pakistan.
The Federal Board of Revenue (FBR) alongside the Ministry of Commerce has suggested the government to double taxes on import of mobile phones in the form of Regulatory Duty (RD). The increase in duties will vary between Rs. 6,000 to Rs. 44,000 depending on the value of the smartphone.
According to the details, there will be five slabs of taxes imposed on the import of mobile phones depending on their valuation. The authorities have proposed an increase in Regulatory Duty (RD) on mobile phones with value of $30-100 by Rs. 6000, while suggesting an increase in RD by Rs. 15,000 on mobile phones with value of $101-200.
Similarly, the increase in duty proposed on mobile phones with valuation of $201-350 and $351-500 is Rs. 22,000 and Rs. 30,000, respective. Meanwhile, the highest increase in Regulatory Duty (RD) is suggested at Rs. 44,000 for mobile phones with valuation of Rs. 44,000.
Moreover, the government is also considering over imposition of heavy taxes on the import of cars and tyres in the country in a bid to control the constant depreciation of the Pakistani Rupee against the US Dollar (USD to PKR) as the local currency closed at Rs. 198.39 in the inter-bank market.
Meanwhile, the government has imposed a ban on the import of luxury and non-essential items not used by the common man in order to recover the trade deficit and the economic instability and uncertainty.
Read more: Govt Bans Import of Luxury & Non-Essential Items.