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Govt to revise base-year for gauging inflation

A shopping cart is pushed down the aisle in this REUTERS photo illustration.

ISLAMABAD: The federal government has decided to revise base year for ascertaining inflation rate and consumer price index (CPI) to 2015-16, updating it from the previous base year of 2005-2006.

The government has also decided to set a minimum indicative price for tobacco and impose additional customs duty on import of sports utility vehicle (SUVs) beginning fiscal
year 2019-20.

The Revenue Division has forwarded summaries of the proposals to the Economic Coordination Committee (ECC) for review and approval, said officials.

The proposals were earlier scheduled for discussion in the ECC meeting to be held on Wednesday, however, it was postponed due to engagements of Prime Minister Imran Khan and Adviser to PM on Finance Abdul Hafeez Shaikh.

Sources said that the federal government has introduced a new Pakistan Customs Tariff (PCT) code for SUVs after which they will be subject to additional customs duty.

Published in The Express Tribune, July 11th, 2019.

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