Federal Minister for Finance and Revenue Miftah Ismail has said the government has issued an SRO to reverse the ban on imports of luxury items to meet international obligations, reported 24NewsHD TV channel.
In his tweets uploaded on Saturday, Miftah Ismail said the goods stuck at the ports will gradually be released with penalty surcharge of up to 100 percent of the assessed value.
1) To meet with our international obligations, the government has issued an SRO to reverse the ban on imports of luxury items. The goods stuck at the ports will gradually be released with penalty surcharge of up to 100% of assessed value.
— Miftah Ismail (@MiftahIsmail) August 20, 2022
The minister said Tariff Policy Board will soon come up with new regulatory duty rates that will ensure that our limited foreign exchange is spent on essential items and not on these items that we have unbanned. He said we must live within our means.
2) Tariff Policy Board will soon come up with new Regulatory Duty rates that will ensure that ensure that our limited foreign exchange is spent on essential items and not on these items that we have unbanned. We must live within our means.
— Miftah Ismail (@MiftahIsmail) August 20, 2022