Thursday, 30 June, 2022

Import cost of over 100 products increases

  • Sun Online Desk
  • 24th May, 2022 05:58:43 PM
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The government has imposed tariffs on the import of 135 essential and luxurious products, including sugar, onions, flowers, exotic fruits and vehicles.  

The National Board of Revenue (NBR) has issued a notification saying that the new tariffs will be effective from Monday. Additional taxes have been imposed on the import of these foreign products under 24 HS codes.      

As a result, the import cost of these items will be higher and buyers will have to pay more money in purchasing these products. Because, importers have to pay additional customs duty in addition to the existing customs duty, VAT, tax to import these products.

The products on which taxes have been imposed are: any type of imported flowers, fresh and dried, imported flowers for making ornaments, various types of artificial flowers and tree saplings or tree branches.

Fruits include: Fresh or processed mango, banana, grape, fig, pineapple, avocado, guava, mangosteen fruit, lemon, watermelon, plum, apricot, cherry, frozen or processed fruit seed and mixed fruit food.

Imported bamboo for furniture, parts, cane furniture and various imported materials for furniture. In addition, wooden furniture used in office, kitchen, bedroom, plastic furniture and various metal furniture.

Cosmetics include perfume, beauty and makeup preparation, tooth floss, tooth powder, preservative and after shave cosmetics, hair cosmetics etc.

At present, the import duty on foreign fruits is 58 to 85 percent. There is a control fee of up to three percent.

Under the new rules, the duty will be 20 percent instead of three percent. It needs to pay 104 to 200 percent duty on cosmetics, car accessories and perfumes. The price of these products will increase further in the regulatory duty.