Hefty tax on luxury products reduces mobile phones' imports
Business
Hefty tax on luxury products reduces mobile phones imports
LAHORE (Dunya Investigation Cell) – The government’s decision to impose hefty taxes on expensive products resulted in benefit as in the first 11 months (July-May) of the current fiscal year (2022-23), mobile phones of only $500 million were imported.
Meanwhile, during the same period in the fiscal year 2021-22, mobile phones of $1.94 billion were imported that showed that in the current FY, the import bill of phones has been slashed by $1.42 billion or 73pc.
Separately, the value of rupee in comparison to dollar has depreciated by 40 per cent with the government putting a target of Rs10 billion in terms of levy on mobile phones.
Earlier, the government also reduced the regulatory duty by 50 per cent.
In the ongoing fiscal year, the mobile phone imports represent only one per cent of the country’s total imports.
