From July 1st, Pakistani consumers will experience a hike in prices for various imported cosmetic products, including nail polishes, skin foundation creams, and perfumes, as the federal government has implemented new regulatory duties.
Under the latest SRO.928(I)/2024 issued by the Federal Board of Revenue, imported cosmetics will now face a substantial 55% regulatory duty. This move is part of a broader strategy to increase revenue and protect local industries.
Additionally, perfumes and sprays will be subject to a 20% regulatory duty, while essentials like shaving cream and soap will see a steep increase to 50%.
The regulatory duty on imported jewellery has also been raised to 45%, and various clothing items including jackets, trousers, and shirts will now face higher taxes.
The decision aims to bolster local manufacturing and reduce dependency on imports in line with the government's economic policies.
However, it is expected to impact consumer wallets, prompting a potential rise in prices across the board for imported cosmetic and personal care items.
This development comes amidst ongoing efforts by the federal authorities to streamline import tariffs and boost domestic production across various sectors. As consumers brace for increased costs, the market dynamics for cosmetics and related products are set to undergo significant shifts in the coming months.
