Senate Body Has Been Informed That No New Tax Has Been Imposed On Mobile Phones In Pakistan
According to the sources, a meeting of the Senate Standing Committee on Finance and Revenue was held at Parliament House. This meeting was chaired by Senator Saleem Mandviwalla. Some of the Matters taken up during the meeting included:
Export of excess foreign currency cash as allowed by the State Bank of Pakistan (SBP) SECP data breach Availability of details of registered companies on the Dark Web Issue of increased taxes on mobile phones Difficulties faced by importers due to high dollar rates charged by commercial banks to open LCs.
Considering the details regarding the export of excess foreign currency cash as permitted by the State Bank of Pakistan, the Committee was informed that SBP issues special permissions to export defaced/small denomination/soiled USD cash notes. So, in order to carry out exports, it was asserted that Exchange Companies (ECs) need to comply with all relevant regulations. As far as the currency declaration counters established by CAA at all airports in Pakistan are concerned where passengers traveling on international routes need to declare the volume of foreign currencies at both arrivals and departures, the Committee was informed that this was due to existing FATF limits that allow strict monitoring of foreign exchange that is let out of the country. Furthermore, the Committee also directed the Ministry to provide details in 15 days after streamlining the process to facilitate passengers. While discussing the SECP data breach; the availability of details of registered companies on the Dark Web, members of the Committee believed that the matter had been highlighted out of proportion and that SECP must revamp online security. In addition to that, the Committee was informed that the case is being investigated and a report will be submitted to the Committee soon. While discussing difficulties faced by importers due to high dollar rates charged by commercial banks for opening LCs, it was asserted that numerous businesses are on the verge of shutting down due to this reason. So, the Committee took strong notice of the matter. When the matter of increased taxes on mobile phones was discussed, the Committee was informed that a temporary ban was imposed on the import of mobile phones due to the current account situation in Pakistan. However, no new taxes have been imposed. The reason for the increase in prices is due to regulatory duties on the recommendation of the National Tariff Commission. Furthermore, it was revealed that regulatory duties imposed are independent of the Money Bill and can be charged at any time. Also Read: iPhone 14 Series – Specs, Comparison, & Expected Price in Pakistan (phoneworld.com.pk)
