ISLAMABAD: The Federal Board of Revenue (FBR) was urged to impose the Regulatory Duty (RD) on 50 luxury imported items in the coming budget of 2017-18. It may be remembered that the RD was also imposed in the FY2016-17 budget.
Sources told Customs Today that the tax proposals have been formulated for the year 2017/2018 and prepared by the FBR after a great demand by importers to abolish the Regulatory Duty on imported items in the upcoming budget FY2017-18. The FBR decided not to cut the RD on any luxury item during the coming financial year, so the RD will continue existing on 50 luxury items during the next financial year.
The sources said if the FBR withdraws the RD on imported items, the government will lose billions of rupees. The FBR had imposed the RD on imported items through the SRO during FY2016-17.
