Great news for mobile phones and car lovers. The government has decided to decrease the regulatory duties on the import of mobile phones. The initiative has been taken by the government to provide significant relief to consumers facing higher prices.
Mobile phone users must be happy as imported mobile phone prices have declined by 25%. According to the reports, due to the government’s decision mobile phones have become quite cheaper.
Rizwan Irfan, President of the Electronic Dealers Association (EDA) stated, “The prices of imported mobiles have started getting cheaper in the market after removing the regulatory duty”.
He confirmed that after the removal of regulatory duties, mobile phone shave become 25% less in price. According to his estimate, the mobile which was worth Rs 30,000 is now Rs 22,500 after the removal of regulatory duty.
In addition, he also said that locally manufactured mobile phones have not become cheap whereas, the demand for non-PTA (Pakistan Telecom Authority) has in teased due to the mobile phone getting expensive.
Moreover, the government has taken the decision to eliminate the tax made the government’s policy to reduce imports by imposing hefty taxes did not produce high revenues.
On the other hand, the tariff policy board declined to extend the two Statutory Regulatory Orders (SROs) that imposed tariffs, so their validity expired on March 31.
Following the expirations of SROs, the regulatory duty on mobile phones will be cut after SROs expire. Whereas, importers of used cars up to 1800 cc will be completely exempt.
On May 19, the government imposed a ban on the import of a number of goods due to diminishing dollar reserves.
Besides, the Tariff Policy Board denied the Federal Board of Revenue’s request last month to extend the validity of the SROs until the end of June.
Moreover, the government said that the duty tax on old and new cars, home appliances, meat, high-tech mobile phones, footwear, furniture, dog and cat food, and ice cream has also been reduced.
Nearly 500 to 700 imported cars of different engine capacities that got stuck at the airport due to the non-availability of foreign currency will also get an advantage from the reduced taxes.
Alas, people have no choice except import used cars due to the low production and poor quality of locally assembled cars. Indeed, the current inflation rate and economic crisis have badly affected car consumers. The reduced rates will be offset due to currency devaluation.