The Islamabad Chamber of Small Traders on Wednesday praised the decision of the government to impose additional duties on non-essential items, which will reduce the loss of foreign exchange and will promote local production, churn out additional revenues, and create more employment opportunities. In a statement, Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt appreciated the government’s efforts for discouraging non-necessary imports and said that this move will encourage local producers.
The government’s decision to discourage the imports of non-necessary items will also reduce the trade deficit, he said.
“Duties should be increased on various items to discourage pointless imports of food items and luxuries. Duty on import of fish should be revised to thirty per cent from the current 25pc,” he demanded. Subsequently, duty imposed on items including yogurt, cheese, honey, and other dairy products should also be increased, he recommended.
Moreover, he said that duty on the imports of vegetables, fruits, biscuits, breads, and other items that are being produced in the country should be reconsidered. Traders support the move to increase duty on leather items, sports goods, cosmetics, furniture, arms and ammunitions, and demand additional duty on other items which are being imported only because of liberal import policy, Shahid Rasheed Butt added.
In May, the government has increased the regulatory duty to a maximum of 25% on the imports of essential eatable. In order to reduce the increasing competition of imported fish, the Federal Board of Revenue (FBR) has increased the regulatory duty to 25% from 10% on different types of fish.
Moreover, FBR has also increased regulatory duty from 10% to 20% on preserves of all fruits, while duty on fruit juices has been increased from 15% to 20%. In cosmetics, the duty has been increased to 20% from 15% on lipsticks, perfumes, etc. Furthermore, the duty on electronic items has been increased to 20% from 15%.