Regulatory duties on luxury items: Can Pakistan fight out VIP culture?
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2015-11-30 05:33:36

Regulatory duties on luxury items: Can Pakistan fight out VIP culture?

dutry

The government has decided to impose regulatory duties on luxury and non-essential items and announce an incentive package to bring evaders under the tax net to bridge shortfalls in revenue collection. Imports of luxury items have gone up over the past few months and Finance Minister Ishaq Dar is not happy with the trend. Mr Dar briefed the National Assembly’s Stan­ding Committee on Finance and said the substantial increase in imports of luxury items was a worrisome factor for the government and he was working on various proposals to curtail them. The Federal Board of Revenue has come up with a detailed package to generate revenue and the prime minister has approved it.The IMF has proposed Rs40bn revenue measures for bridging the revenue shortfalls. No one would disagree with Finance Minister Ishaq Dar, who told National Assembly Standing Committee on Finance that there was substantial increase in import of luxury items, adding that he was working on various proposals to curtail them. The Minister claimed that imports of luxury items have gone up over the past few months but the ground reality is that there are free for all imports during the last several years and that is why the country’s trade deficit is widening despite steady increase in exports and financial woes of the country have not mitigated despite reasonable increase in remittances by overseas Pakistanis. It is because of lowering of the import duty and rampant smuggling that our markets are flooded with all types of foreign goods right from soaps and razor blades to cars of each and every make and model. An impression is gaining ground that Pakistan has been made a dumping ground for foreign goods. However, neither the previous Government nor the incumbent one during its two and a half years paid any worthwhile attention to the problem and allowed the country’s scarce resources to bleed and that too at the cost of local industry. Therefore, the proposal to increase import duty on luxury items is a welcome initiative that would hopefully go a long way in not only jacking up revenue but also discouraging import of luxurious and unnecessary goods. Fuller details of the items included in the list is not known but leaked information shows that these also include commonly used dry milk the prices of which are already touching the sky and marble/granite which are widely used in construction and would amount to pushing up the construction cost. It is also not comprehendible as to why import of luxury cars is excluded from imposition of additional duty. The list should be reviewed carefully so that there is no burden on the common man. We urge Finance Minister Ishaq Dar, who is a practicing Muslim and genuine Pakistani, to stop wastage of precious foreign exchange resources and consider saying no to import of luxury items altogether.

 

pk.shafaqna.com

 

Categories:   Pakistan ، Business ،
Tags:   pakistan ، Ishaq Dar ، IMF ، VIP culture ،
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