ISLAMABAD: The federal government has lifted the ban on the import of luxury and non-essential items after two months, News reported.
According to facts, the decision taken throughout the Economic Coordination Committee’s (ECC) meeting, chaired by Finance Minister Miftah Ismail.
The meeting analysis the ban after two months unsettled to serious concerns upraised by major trading partners on the obligation of ban and considering the fact that the ban has compressed supply chains and domestic retail industry.
The members informed that in order to limit the rising current account deficit, a ban on the import of about 33 classes/categories of goods enforced with the approval of the cabinet.
In the light of fact that imports significantly reduced, the Economic Coordination Committee certain to lift the ban on imported goods except for totally built-up automobiles, mobile phones, and home appliances.
Moreover, it noted that all held-up consignments (except items that still remain in banned category) which arrived at the ports after July 1, 2022 cleared subject to payment of 25% surcharge.
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In May, the government revealed an emergency economic plan and banned the imports of dozens of non-essential luxury items.
Information Minister Marriyum Aurangzeb directed a press conference in Islamabad to publicize the economic plan of the PML-N government to cope with the financial challenges.
It is related to note that the government had imposed a complete ban on the import of automobiles, mobile phones, home appliances, fruits and dry fruits excluding from Afghanistan, crockery, private weapons and ammunition, shoes, chandeliers and lighting except energy savers, headphones, and loudspeakers.
Additional directed the relevant ministries to work out the gas price/ variable contribution margin (VCM) for the fertilizers. It also definite that sales tax charged on the actual price of the gas paid by the company.