Federal Minister for Finance and Revenue, Miftah Ismail on Thursday announced the lifting of the ban on the import of non-essential and luxury goods on the demand of the International Monetary Fund (IMF), however, said that the Regulatory Duties (RDs) would be enhanced manifold to discourage import of such products.
“The international community requires that there should be no ban so we are lifting the ban on all products. But simultaneously the duties I am going to impose would not let these commodities enter Pakistan as finished goods,” the minister said while addressing a press conference.
The minister said RDs would be enhanced three times or to the maximum possible level and can go even up to 400 to 600 per cent or more.
He said that Pakistan was not having many dollars to spend on the import of luxury items he said adding that the existing resources would be utilized to provide the people of the country with flour, wheat, cotton, and edible oil instead of I-phones or luxury vehicles.