The government plans to increase the regulatory duty on cars with engines larger than 1000cc by 100%

The Federal Board of Revenue (FBR) has suggested raising regulatory and extra customs charges on the import of certain commodities by up to 100 percent. The measure is part of the federal government's $1 billion monthly import bill reduction strategy.

The FBR has proposed increasing the regulatory duty and extra customs charge on automobiles with engines larger than 1,000cc by 100% and 30%, respectively.

Furthermore, the board has suggested a 100% increase in the regulatory charge on imported tires, as well as increased regulatory duties and extra customs duties on a variety of commodities.

Consumer items, home appliances, power generation machinery, general machinery, steel products, ceramics, polypropylene, and mobile phones have all been targeted for higher regulatory and customs taxes.

Miftah Ismail, the Federal Finance Minister, also convened a meeting on Tuesday to discuss the FBR's recommended steps. Officials told the minister at the meeting that these actions might save the government $1 billion on its monthly import cost.

Prime Minister Shehbaz Sharif must approve the proposed regulation and extra customs taxes before they take effect. Before adopting these measures, the Federal Government will strive to get the support of the International Monetary Fund (IMF).

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