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Federal Minister of Finance Miftah Ismail has announced the removal of the import ban on luxury and non-essential items including Completely Built-Up (CBU) cars.
However, the government will likely increase Regulatory Duty (RD) on such commodities by several hundred percent. Miftah stated that the purpose of the RD hike is to discourage the import, sale, and purchase of imported luxury cars.
He stated:
We will impose such heavy duties that these items cannot be imported [easily] or at least in their finished form. I don’t have enough dollars, so I will prioritise cotton, edible oil, and wheat. I do not prioritise Iphones or cars.
