ISLAMABAD: A proposal has been floated by the Ministry of Finance to raise regulatory duty (RD) on more than a thousand imported items to rein in imports.
The levying of additional regulatory duties would fetch the national exchequer an additional $1.12 billion, which will assist in reining in the trade deficit, said sources in the Federal Board of Revenue (FBR).
The new proposal is being finalized by the State Bank of Pakistan, Finance Division, Ministry of Commerce and Textile and the FBR, reported Business Recorder.
As per this new proposal, regulatory duty on furnace oil mainly used for power generation purposes will be raised by 12.5 percent to 14.5 percent from current 2 percent, whereas the RD on mobile phones is going to be raised from 5 percent currently to 17.5 percent, an increase of 12.5 percent.
Furthermore, sources revealed regulatory duties on turning, milling waste, shaving would also be raised by 12.5 percent to touch 17.5 percent.
The recommended regulatory duty on NFW hot and rolled coil would be increased by 12.5 percent to 30 percent.
Also, regulatory duty on flat rolled products of iron ore non-alloy steel has been recommended to be 17.5 percent, with addition of 12.5 percent from 5 percent.
And regulatory duty for tyre rubber for buses would be raised by 12.5 percent to touch 47.5 percent.
Furthermore, regulatory duty on diapers for infants and babies 12.5 percent (total 37.5 percent), grapes fresh 12.5 percent (total 37.5 percent), grapes 12.5 percent (total 52.5 percent).
For steel products like bar/scrap on aluminium is recommended to be raised by 12.5 percent. For vehicles in 800cc to 1000cc category, 12.5 percent increase has been recommended.
On refrigerators, air conditioners 12.5 percent increase has been recommended, other food preparations 12.5 percent, tile polished 12.5 percent, waste/scrap tinned iron/steel 12.5 percent.
For refrigeration, freezing machine a rise of 12.5 percent has been proposed alongside electric ceiling and wall fittings 12.5 percent, metalized yarn and textile yarn 12.5 percent.
On rods of alley steel HR 12.5 percent increase has been recommended, fresh pomegranate 12.5 percent, forged bar/rod secondhand quality 12.5 percent and optic fibre cables 12.5 percent.