The government has increased regulatory duty on hundreds of imported items in the fiscal year budget 2024-25.
According to the Statutory Regulatory Order (SRO), the regulatory duty has been increased on various items ranging from 5% to 55% under Finance Bill 2024, including:
- Milk and cream (25%),
- Yogurt, butter, and nuts (20%),
- Natural honey (30%),
- Dates, figs, pineapples, and oranges (25%),
- Cherries (35%),
- Apples and lemons (45%),
- Corn (30%),
- Perfume and makeup (55%),
- Shaving cream and soap (50%),
- Overcoats, jackets, and trousers for men and women (10%),
- Track suits, rompers, shawls, mufflers, and ties (10%),
- Waterproof shoes, leather shoes, Bathroom fixtures and toilet accessories (regulatory duty increased),
- Jewelry (45%).
In a separate development earlier today, new tax rate were introduced in the budget 2024-25 on locally manufactured vehicles among many others, will come into effect today (July 1).
This change marks a shift from a fixed tax rate to a value-based tax system, as outlined in the Finance Bill 2024-25.
Under the new tax regime introduced in budget 2024-25, the tax on vehicles is no longer a fixed amount but varies according to the vehicle’s value.
