High exchange rates and entry of Indian importers into the European and other markets have posed a challenge of high import price.
Elimination of 15 percent sales tax and decrease of income tax rate from 6 to 1 percent are the responsible factors for the increase in imports, said Muhammad Irfan of S M Raza & Company and a senior member of the PSCMA.
Importers have to pay Import Tax Price (ITP-Custom Tax) of 17 penny a kg on imports from the UK. PSCMA has to pay 0.26 euro a kg and 12 cents on one pound on imports from the USA and Canada, respectively. However, now PSCMA has to pay 10 percent import duty instead of five percent last year.
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