Govt imposes 100% penalty surcharge to release banned imported items

The federal government has approved the release of imported goods with a penalty surcharge of 100 per cent of assessed value that arrived at the ports after June 30.

The federal government has reportedly permitted the release of all imported products and imposed fines of up to 100 per cent on goods that had arrived at ports by the end of July notwithstanding limitations.

Finance Minister Miftah Ismail made the announcement during a news conference, noting that the restrictions were put in place in response to the International Monetary Fund’s (IMF) requirements.

Vehicles, mobile phones, home appliances, and other property may now be released with a 100 per cent penalty surcharge.

Other imported items were permitted with payment of a premium of up to 35 per cent, according to the announcement. Items received after June 30 and up to July 31 will be released with a penalty surcharge of 25 per cent.

Three months after the limitation was put in place, the federal government earlier on August 18 relaxed the ban on the importation of luxury and non-essential goods.