Pakistan hikes prices of beauty products by 40 per cent

Pakistan is going to get expensive as duties on 657 makeup and beauty products have been increased in the fiscal year 2024-25 budget, Dawn reported.

Pakistan has introduced significant adjustments to the duty structure on imported beauty and make-up products, aiming to bolster revenue and regulate imports, however, it will burn a hole in Pak women's pockets for makeup, hair styling products, makeup remover, nail polish and remover, perfume, apparel and accessories.

Following parliamentary approval, the government has decided to raise duties on a total of 657 make-up and beauty items. Specifically, the duties on these products will be increased by 40 per cent, while perfumes and sprays will face a 20 per cent hike. Conversely, duties on imported hair clippers and hair dryers have been reduced to a flat rate of 10 per cent, according to Dawn.

Moreover, the government has extended its regulatory reach to various other imported goods, implementing duty hikes ranging from 5 per cent to 55 per cent across different categories. For instance, dairy products such as milk and cream will now incur a 25 per cent duty, while natural honey will see a 30 per cent increase.

Fruits like apples and lemons will face a substantial 45 per cent duty, and there will be a hefty 55 per cent duty imposed on perfumes and make-up. Additionally, apparel and accessories haven't been spared either, with overcoats, jackets, trousers, and jewellery subject to regulatory duties of 10 per cent and 45 per cent, respectively.

The pakistan government on Saturday extended exemptions in specific sectors while announcing new tax measures in several areas to generate additional revenue in the coming fiscal year to meet the International Monetary Fund's criteria.

Pakistan's Finance Minister, Muhammad Aurangzeb announced the new measures in the National Assembly. These include introducing a capital value tax on property in Islamabad and implementing new tax measures on builders and developers, pakistan, local daily, Dawn reported.

The scope of exemption on sales or transfer of immovable property is further widened to include a war-wounded person while in service of Pakistan Armed Forces or Federal or Provincial Government or an ex-serviceman and serving personnel of armed forces or ex-employees or serving personnel of federal and provincial government, Dawn reported.

In a deep economic crisis, Pakistan's parliament on Friday passed a tax-heavy finance bill for the upcoming fiscal year amid ongoing negotiations for a new International Monetary Fund (IMF) bailout.