ISLAMABAD: The federal government on Saturday allowed the release of imported items that have reached the ports after 30th June with penalty surcharge of 100 percent of assessed value on Saturday.
According to details, the federal government has allowed the release of all imported items and slapped up to 100 percent fines on goods that had reached ports by the end of July despite restrictions.
A notification in this regard has also been issued by Ministry of Commerce after federal cabinet’s approval. The government has allowed the release of vehicles, mobile phones, home appliances and other items with a penalty surcharge of 100pc.
The notification stated that other imported goods were allowed on payment of surcharge up to 35%. “Items arrived after June 30 and up to July 31 will be released with penalty surcharge of 25%,” it added.
Earlier on August 18, the federal government lifted the ban on the import of non-essential and luxury items, three months after the restriction was imposed.
Addressing a press conference, Finance Minister Miftah Ismail announced that the federal government was lifting the ban, noting that the restrictions were imposed in line with the International Monetary Fund’s (IMF) demands.
In May, the government unveiled an emergency economic plan and banned the imports of dozens of non-essential luxury items.
Information Minister Marriyum Aurangzeb conducted a press conference in Islamabad to announce the economic plan of the PML-N government to cope with the financial challenges.