Asim Ahmed, the chairman of the Federal Board of Revenue (FBR), stated on Thursday that regulatory duty tax on the import of mobile phones and used cars up to 1,800cc may resume at any time.
The two Statutory Regulatory Orders (SROs), which were used to levy taxes, expired on March 31 after the Tariff Policy Board declined to prolong their validity earlier this month, abolishing the regulatory levies on autos and other commodities.
The importers of used cars up to the 1800cc category will receive a 100% exemption as a result of the SROs’ expiration, while the regulatory duty on mobile phones would be reduced to 50%.
Due to diminishing dollar reserves, the government issued a ban on the import of a variety of commodities on May 19.
The FBR chief stated that there was no need to issue a notification for the re-imposition of the regulatory duty because imports of cars and mobile phones were now prohibited.
He stated that the decision to levy taxes was made by the Ministry of Trade and that the FBR would issue the notification once the ministry approved it.
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The Federal Board of Revenue (FBR), formerly known as the Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, and money laundering and makes regulations for the collection of tax.
FBR operates through Inspectors-IR that keep tax evaders under surveillance, assess taxable incomes and perform special tasks for FBR Headquarters. FBR performs the role of collection of taxation in the country from all individuals and businesses.
FBR also collects intelligence on tax evasion and administers tax laws for the Government of Pakistan and acts as the central revenue collection agency of Pakistan.
