ISLAMABAD – Government increased 10% duty tax on imported products including food items and cosmetics, PakistanTribe received reports.
According to details, Ishaq Dar, Finance Minister of Pakistan, during his speech in parliament session announced that duty have been increased to 10% on different products.
He also talked about the petroleum products rates and compared it with other countries as an evidence that the prices were decreased in Pakistan as compared to other countries.
“Government earns 20% revenue from petroleum products,” he said, “And the bi-products of petroleum gives 40% in revenue” he continued.
The duty increased on total 314 products including imported cosmetics and food items.
“The decrease in prices of petroleum products have also decreased the revenue of government and the decision of increasing duty was taken to stabilize the economy,”Finance Minister argued.
Ishaq Dar further said that the duty is increased only for the luxurious item not on the basics.
He also said that National Tax Number (NTN) will be issued to corporations only and no individual can avail NTN.
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