Cabinet okays additional regulatory duty on luxury items

The federal cabinet has approved extension of regulatory duty on luxury goods, including vehicles and mobile phones.

The cabinet approved the extension of regulatory duty on luxury items through circulation.

According to a notification, 100% additional regulatory duty on 860 luxury items has been extended till March 31.

On the other hand, a 30% additional customs duty on other items, including meat and fish, has been extended till March 31.

It is worth noting that the duration of both the duties on luxury goods, including electronics, was set to expire on February 21.

Earlier this week, Finance Minister Ishaq Dar had presented the mini budget in the National Assembly, to fulfil conditions set by the International Monetary Fund to allow disbursement of a billion-dollar loan.

Under the mini budget, sales tax on luxury items had been increased from 17% to 25%.