The Pakistani government has taken a major step to reduce the burden on the public by abolishing the regulatory duty on more than 350 items, including used vehicles, mobile phones, and more than 600 other goods stuck at the ports due to the expiry of the 2S licenses issued by the regulatory duty. According to Daily Express, the Federal Board of Revenue (FBR) sources have confirmed that the regulatory duty has been abolished on used vehicles up to 1800 cc and mobile phones, which will help make things cheaper. In addition, regulatory duty has 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 2 Statutory Regulatory Orders (SROs) issued for the regulatory duty imposed on these items expired on March 31, 2023. However, the chairman of the Tariff Policy Board has refused to extend the SROs. With the expiry of these SROs, more than 350 items will become cheaper, and the clearance of over 600 vehicles stuck at the ports will also be facilitated.
In other news, the Pakistani government is expected to receive a written guarantee this week from the United Arab Emirates (UAE) for financing of $1 billion. According to media reports citing sources, matters related to the financing have been finalized, and the International Monetary Fund (IMF) will also receive a written guarantee as soon as it is received from the UAE authorities. During the annual meeting in Washington, the Secretary of the Ministry of Finance will inform the IMF in this regard.
Sources reveal that Finance Minister Ishaq Dar had made a special request to the IMF for financing from friendly country UAE for the agreement, and the Prime Minister’s Office also requested the friendly countries to fulfill the conditions of the IMF. This development is expected to boost Pakistan’s economy and provide relief to the general public.
