Business News

ISLAMABAD: The government has decided to present a mini-budget and lift ban on import of luxury and non-essential items in compliance with IMF conditions.The decision to scrap the import ban three months after its imposition came as the country’s economy expects a breather after positive cues from the IMF. Addressing a news conference at the state TV headquarters here on Thursday, Minister for Finance Miftah Ismail said the government had decided to undo the ban on import of 33 luxury items and impose 400-600 percent Regulatory Duty, raise 10 percent tax on cigarettes and slap Rs380 per kg tax on tobacco processing. Through a presidential ordinance, which will be promulgated in the coming days, the government will fetch additional revenues of Rs50 billion. “We have decided to impose 400 to 600 percent Regulatory Duty, Additional Customs Duty and Sales Tax on import of luxury items, which will fetch revenues in the range of Rs5 to Rs14 billion. The enhanced tax rate on cigarettes and tobacco processing will add Rs36 billion in totality. The government will bring additional Rs50 billion into the national kitty,” he said.