NBR hikes RD on imported cosmetics, fruits, flowers and furniture

The National Board of Revenue (NBR) has increased regulatory duty (RD) on HS Code of 135 goods related to foreign cosmetics, fruits, flowers and furniture, with a view to revive the economy after the pandemic and reduce dependency on imported luxury goods.

In a notification issued on Monday, existing RD on goods ranging from zero per cent to 3 per cent at import level has been fixed at 20 per cent, effective from May 23, 2022, said a press statement on Tuesday.

The new regulatory duty will encourage local flower and fruit farmers to increase their production and get fair prices. Moreover, the cosmetic and furniture produced in the country are of good quality and able to meet the demand, the circular added.

It will also play a positive role in saving valuable foreign exchange and raising government revenue by discouraging unnecessary imports of such products.