govt imposes new taxes of rs4 billi

ISLAMABAD: Government has put in place new taxes of Rs4 billion while regulatory duty on 314 luxury items has been ratcheted up to 10 percent.The decision comes weeks after the central bank suggested in its monetary policy report that it would be challenging for the government to meet the revenue targets for the current fiscal year.According to the notification of the Federal Board of Revenue (FBR), the Federal Board of Revenue (FBR) has also raised regulatory duty on furnace oil, scraped metal, imported make-up and electronic appliances.Regulatory duty on imported chocolates has been increased by 10 percent and on electronic goods to 5 percent. The duty has been raised from 5 to 10 percent on scraped metal, imported makeup.The above decisions were made during the last meeting of the Economic Coordination Committee (ECC).