Finance Ministry raises import tariffs to curb trade deficit

The Ministry of Finance has just decided to raise import tariffs on certain products to reduce trade deficit and curb inflation.

Under the decision, import tariffs for automobile spare parts and components will be increased by 5-10% compared to the current levels.

The import tariff for mobile phones also increased from 5% to 8%.

The new import tariffs for cosmetics are varied from 15% to 36%, compared to the old tariffs of 15% to 30%.

These new tariffs will be applied from June 20.

ND

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