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Government lifted ban on imports
TAXATION

Government Lifts Ban on Import of Luxury Items

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Government Lifts Ban on Import of Luxury Items

Government Lifts Ban on Import of Luxury Items:. Here is a good news for importers in Pakistan that Government on Friday lifted ban on all imports of luxury and non-essential items. This import ban was imposed in May 2022, due to foreign exchange reserves crisis. There was also major devaluation in Pak Rupee at that time and Dollar reached at record breaking point.

In this regard, ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items. Such imported goods include motor vehicles, mobile phones and home appliances.

Previously, Government on May 19, 2022 had imposed import ban on luxury items vide a circular No. 598 (I)/2022. Government at that time imposed the complete ban on import of such items. This step was taken due to serious balance of payment crisis in the country. Import ban was also realized due to continuous devaluation of Pak Rupees.

Pakistan Bans Imports List of Banned Imported Goods. Government Lifts Ban on Import of Luxury Items.

Despite this fact of imposition of import ban, Dollar price crossed Rupees 240. Foreign exchange reserves remained unstable and crisis remained uncontrolled. Perhaps this was the reason that Government realized to lift ban on import of luxury goods mentioned above.

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From our point of view Government was also facing loss of tax collections which they collect on import of cars and mobile phones. If it may continue then FBR may face some difficulties in achieving tax collection targets for current financial year.

Government charge different type of taxes on import of cars and Mobile Phones, like Income Tax, PTA Tax, Sales Tax, Customs Duty, Excise Duty etc., Collection of these taxes contribute a lot in Government exchequer and helps to achieve tax collection targets.

List of previously banned Imported items

Following is the list of goods which were previously banned to import by Pakistan Government in May 2022.

  • Automobiles
  • Mobile phones
  • Home appliances
  • Fruits and dry fruits (except from Afghanistan)
  • Crockery
  • Private weapons and ammunition
  • Shoes
  • Chandeliers and lighting (except energy savers)
  • Headphones and loudspeakers
  • Sauces
  • Doors and window frames
  • Travelling bags and suitcases
  • Sanitary ware
  • Fish and frozen fish
  • Carpets (except from Afghanistan)
  • Preserved fruits
  • Tissue paper
  • Furniture
  • Shampoos
  • Confectionary
  • Luxury mattresses and sleeping bags
  • Jams and jelly
  • Cornflakes
  • Toiletries
  • Heaters, blowers
  • Sunglasses
  • Kitchen ware
  • Aerated water
  • Frozen meat
  • Juices
  • Pasta
  • Ice cream
  • Cigarettes
  • Shaving goods
  • Luxury leather apparel
  • Musical instruments
  • Salon items like hair dryers etc
  • Chocolates
See also  Tax returns from Karachi city low-income areas surprisingly on top
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