Stuck goods to be released gradually

Tariff Policy Board will soon introduce new regulatory duty rates


APP August 21, 2022
Says investors shrugged off tensions with India while subscribing to bond at lowest ever interest rate. PHOTO: REUTERS

ISLAMABAD:

Federal Minister for Finance and Revenue Dr Miftah Ismail on Saturday announced that goods stuck at ports would be gradually released with a penalty.

“To meet our international obligations, the government has issued an SRO (Statutory Regulatory Order) to reverse the ban on imports of luxury items. Goods stuck at ports will be gradually released with penalty surcharge of up to 100% of assessed value,” the minister said in a tweet.

He said the Tariff Policy Board would soon come up with new regulatory duty rates that would ensure that the country’s limited foreign exchange was spent on essential items and not on goods that had earlier been banned. “We must live within our means,” he added.

On Friday, the Economic Coordination Committee (ECC) formally approved the lifting of a ban on all types of imports but slapped up to 100% fines on goods that had reached ports by the end of July despite restrictions, removing an irritant in trade relations with the European Union and other nations.

The ECC took the decision a day after the finance minister said that the government was removing the ban in order to address IMF concerns.

Published in The Express Tribune, August 21st, 2022.

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