ISLAMABAD: The federal government has authorized the discharge of imported commodities that arrived at ports after June 30 after paying a premium.
Miftah Ismail, Federal Minister of Finance and Revenue, said that the government has issued a Statutory Regulatory Order (SRO) to lift the restriction on luxury imports in order to satisfy international responsibilities.
The minister stated that products held at ports will be progressively released with a penalty fee of 100% of the assessed value.
“To satisfy our international responsibilities, the government has issued an SRO lifting the prohibition on luxury imports.” “Goods held up at ports will be progressively released with a penalty fee of up to 100% of their assessed value,” he added in a tweet.
The minister stated that the Tariff Policy Board will shortly issue new Regulatory Duty rates to guarantee that the country’s scarce foreign cash is spent on needed commodities rather than unbanned ones. “We have to live within our means,” he said.
A day earlier, the Cabinet’s Economic Coordination Committee (ECC) voted to suspend the ban on all non-essential and luxury products.
