The State Bank of Pakistan's recent announcement to levy 35% Import Margin on all imports has provoked an uproar amongst the importers community as it will not only increase the cost of imports but at the same time it would definitely lead to price soaring, ultimately burdening the general public.
The anxiety would further increase when it will also be applicable to essential food items like pulses and milk powder etc. The levy of the import margin on food items will put undue pressure on importers as well as seriously hamper the purchasing power of the general public.
Besides, one can ostensibly understand that promulgation of import margin will certainly hinder the opening of L/Cs and obviously slow down the imports resulting in the shortage of food items in the market. Currently there is a food crisis in the country and prices have escalated and in this sort of situation the imposition of import margin will be heightening the resentment of the public on one hand and consequently intensify the food crises on the other.
The government should reconsider its decision to levy import margin on at least the food items, including pulses and milk powder etc so that the general public may not suffer due to this controversial and excruciating imposition. It is hoped that the interest of the general public would be given a serious thought by the present democratic government and the unwarranted levy of import margin would be withdrawn.