Government hikes the Regulatory Duty up to the maximum of 55 percent on imported goods

 

Finance Bill 2024 has enhanced regulatory duties on a number of items imported into the country, and the stakes range from 5 percent to 55 percent.

Under the new regulations, a 10 percent regulatory duty has been imposed on the Live Fish While up to 35 percent duty was imposed to the frozen fish. The cross-utilized milk and cream will be charged with a 25% regulatory duty, whereas curd, butter, and nuts will attract a duty of 20%. Among the changes to be implemented is a 30 percent regulatory duty on natural honey imports.
When it comes to sweet produce the government has placed a 25% duty on dates, figs, pineapples, guavas and mangoes while cherries attract a 35% duty, apples 45% duty and lychees while maize attracts a 30% duty.
Beauty products like fragrances, cosmetics, cosmetics ‘, and skin care product would attract the highest tax levy of 55 percent followed by assorted hair product. Shaving creams and various type of soaps will also be charged a duty of fifty percent of their current value.

The proposed Finance Bill 2024 has levied a quota duty of 10% on apparel products and accessories like overcoat, cap, jacket, trousers, and other shorts for men. The bill also has a 10 percent duty on women overcoats, jackets, dresses, skirts, and trousers imported from the European Union.

Tracksuits, handkerchiefs, shawls, mufflers, veils, ties, and blankets have a duty of 10 percent.

The regulatory duty has also been raised on the imported waterproof shoes and leather shoes to 20 percent; 30 percent on wash basins; and 20 percent on Bathtub/toilet ceramics.

The current regulatory duty on imitation jewelry has been increased from what it used to be to the standard of 45 percent.