The Federal Board of Revenue (FBR) has announced the lifting of regulatory duty on more than 350 items, including used vehicles up to 1800 cc and mobile phones, resulting in a reduction in prices for these goods. The duty has also been waived 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 decision comes after two SROs issued by the government for the regulatory duty expired on March 31, 2023, and the Tariff Policy Board chairman refused to extend the period of these SROs. The move is also expected to clear more than 600 vehicles that were stuck at ports. Additionally, the Chairman of the FBR, Asim Ahmed, announced that the government plans to introduce a one-page tax return form for businessmen, while also clarifying that the FBR has not been consulted regarding new taxes.
