PAKISTAN'S ECONOMY TO BENEFIT FROM ABOLISHMENT OF REGULATORY DUTIES ON
350+ ITEMS
The Pakistani government's
decision to abolish regulatory duties on more than 350 items, including
vehicles and mobile phones, is set to have a significant impact on the
country's economy and the lives of its citizens. This move is aimed at reducing
the cost of living for people and increasing economic activity in the country.
According to sources in the
Federal Board of Revenue (FBR), regulatory duties have been abolished on used
vehicles up to 1800 cc and mobile phones, and the duty has also been reduced on
home appliances, hi-tech mobile phones, meat, fish, fruit, vegetables, shoes,
furniture, ice cream, dog and cat food, musical instruments, and other items.
The government had issued two
Statutory Regulatory Orders (SROs) for imposing regulatory duties on these
goods, but they expired on March 31, 2023. The chairman of the Tariff Policy
Board has refused to extend the period of these SROs, which means that more
than 350 items will become cheaper after their expiry. This move is expected to
boost economic growth and increase the purchasing power of consumers in the
country.
The expiry of the SROs will also
help clear more than 600 vehicles stuck at ports, which will further benefit
the automobile industry in the country. This decision will have a positive
impact on various sectors of the economy, such as agriculture, industry, and
trade, by making these items more affordable and accessible to consumers.
The abolition of regulatory
duties on these items is part of a broader effort by the government to reduce
the cost of living for its citizens. The government has also announced plans to
reduce taxes on certain goods and services, which will provide further relief
to consumers.
The decision to abolish
regulatory duties on over 350 items is expected to have a far-reaching impact
on the Pakistani economy. The move will benefit both consumers and businesses
by reducing the cost of essential goods and services and boosting economic
growth.
One of the key benefits of this
decision is that it will make vehicles and mobile phones more affordable for
consumers. These are essential items that most people need to go about their
daily lives, and reducing the regulatory duties on them will make a significant
difference in the cost of living for people in the country.
Furthermore, the decision to
reduce the regulatory duty on home appliances, such as refrigerators and
washing machines, will also make these essential items more affordable for
consumers. This will have a positive impact on the quality of life of people in
Pakistan, particularly those from low-income backgrounds.
The reduction in regulatory
duties on meat, fish, fruit, and vegetables will also benefit consumers and
businesses in the food industry. This will not only make these items more
affordable for consumers but also help reduce the cost of production for
businesses, leading to increased economic activity in the sector.
In addition to this, the reduction
in regulatory duties on musical instruments and other items will benefit
artists, musicians, and the entertainment industry, promoting cultural
activities and creative expression in the country.
This decision is a part of a
broader strategy by the Pakistani government to reduce the cost of living for
its citizens and promote economic growth. The government's efforts to reduce
taxes on certain goods and services and encourage investment in various sectors
of the economy will further support this goal.
Overall, the decision to abolish
regulatory duties on over 350 items is a welcome move that will help alleviate
the financial burden on Pakistani citizens and businesses. By making essential
goods and services more affordable, the government is taking an important step
towards promoting economic growth and prosperity in the country.
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