Finance Minister Miftah Ismail Saturday said that the imported goods stuck at the ports will gradually be released with a penalty surcharge of up to 100 percent of the assessed value.
In a tweet, the finance minister said that a SRO has been issued to reverse the ban on imports of luxury items to meet international obligations.
1) To meet with our international obligations, the government has issued an SRO to reverse the ban on imports of luxury items. The goods stuck at the ports will gradually be released with penalty surcharge of up to 100% of assessed value.
— Miftah Ismail (@MiftahIsmail) August 20, 2022
The minister further said that Tariff Policy Board will soon come up with new regulatory duty rates that will ensure that the country’s limited foreign exchange is spent on essential items and not on items that have been unbanned.
“We must live within our means,” the finance minister added.
On Thursday, the minister had announced that the government has decided to lift the ban imposed on luxury and non-essential items.
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