Tag: luxury items
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Another IMF condition met as Pakistan imposes 25% sales tax on luxury items
On Tuesday, the federal cabinet led by Prime Minister Shehbaz Sharif approved the imposition of a 25 per cent sales tax on luxury items, fulfilling a condition set by the International Monetary Fund (IMF) for the revival of the $7 billion Extended Fund Facility (EFF) that had been stalled for months. The cabinet approved the…
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‘How dare you’: Miftah Ismail gets furious at public event when asked about getting a BMW
Former Finance Minister Miftah Ismail lost his cool and got furious at Karachi Literature Festival on Sunday when asked about allegedly obtaining a BMW when he was the minister a few months back. Responding to a question, the former minister responded by saying: “How can you say I had a BMW and accuse somebody like…
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From soap to air tickets: What’s getting costlier after mini-budget?
The Federal Board of Revenue (FBR) has issued an SRO to increase the standard 17 per cent general sales tax (GST) to 18 per cent, which will collect taxes worth Rs115 billion. The remaining Rs55 billion will be generated through other measures mentioned in the Finance (Supplementary) Bill 2023.
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Donald Trump ka Toshakhana case: Investigators look for expensive gifts taken by Trump
Many expensive gifts that were given to former president Donald Trump and his family by foreign leaders are being investigated by congressional investigators. According to those with knowledge of the situation, the National Archives, one of the institutions tasked with preserving presidential gifts, has been approached for assistance by the House Oversight Committee in locating…
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Govt imposes 100% penalty surcharge to release banned imported items
The federal government has approved the release of imported goods with a penalty surcharge of 100 per cent of assessed value that arrived at the ports after June 30. The federal government has reportedly permitted the release of all imported products and imposed fines of up to 100 per cent on goods that had arrived…
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Govt lifts import ban on luxury goods with heavy duties
On the recommendation of the International Monetary Fund (IMF), the Federal Minister for Finance and Revenue, Miftah Ismail, announced lifting of the ban on the import of luxury and non-essential goods on Thursday. He added, however, that the Regulatory Duties (RDs) would be increased significantly to deter the import of such items. “It is requirement…
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ECC lifts import ban on goods except CBU vehicles, mobiles and appliances
The Cabinet’s Economic Coordination Committee (ECC) has decided to lift the import ban on all items other than completely built units (CBUs) of automobile, mobile, and home appliances and to permit the import of 200,000 metric tonnes of wheat. The increase in petroleum dealers’ margin from Rs4.90 per litre and Rs4.13 per litre, respectively, to…
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Government will soon lift the import ban on certain items
The government will lift the import ban on some items in the upcoming weeks, according to Finance Minister Miftah Ismail, but restrictions for cellphones, cars, and home appliances will remain in place. He stated that the Commerce Ministry has sent a summary to the federal cabinet for removing restrictions on the import of non-essential and…
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Pakistan Customs intensifies inspection at all international airports
Pakistan Customs has intensified goods inspection at all international airports to prohibit the smuggling of recently banned commodities. The federal government prohibited the items in SRO No. 598(I)/2022, issued May 19, 2022, by revising the Import Policy Order, 2022. This 24-hour monitoring at international terminals to prevent smuggling has already resulted in multiple confiscation of…