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Pakistan spends Rs144b on mobile phones import

Pakistan spends Rs144b on mobile phones import

Pakistan spends Rs144b on mobile phones import
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Pakistan has spent Rs144 billion for the import of mobile phones during the first five months (July-November) of the current fiscal year.

The spending on imports of mobile phones recorded a sharp increase of 21 per cent, compared with Rs119.22 billion in the corresponding period of the last fiscal year.

The massive rise in mobile phone has been witnessed when the local currency witnessed record decline during the current fiscal year. Further, the country also started local manufacturing of mobile phones for local consumption and also ready for export.

In dollar terms, the import of mobile phones registered 18.32 per cent increase to $856.72 million during the first five months of the current fiscal year, compared with $724 million in the corresponding period of the last fiscal year.

The mounting dollar demand for import payments has deteriorated the rupee during the fiscal year. The local currency fell Rs20.50, or 13.01 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs178.04 on December 17, 2021.

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Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood recently said Pakistan has locally developed around 18.87 million mobile phones in the first 10 months of 2021.

In a tweet, Dawood said during January to October 2021, domestic manufacturing mobile plants in Pakistan produced 18.87 million mobile units, including 7.93 million 4G mobile phones, compared with 9.45 million imported mobile phones.

Despite severe exchange rate volatility in Pakistan, the country has spent Rs36.7 billion in November 2021 for the import of mobile phones, which is 43 per cent higher, compared with Rs25.7 billion in October 2021.

To discourage the import of mobile phones, the government is considering changing the sales tax regime. Reportedly, the government is considering imposing a normal tax regime on imported cell phones instead of the existing fixed sales tax regime.

Sources said the implementation of a normal tax regime would help the tax authorities generate sizeable revenue.

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Pakistan invents over 18 million mobile phones in 10 months
Pakistan invents over 18 million mobile phones in 10 months

According to Abdul Razak Dawood who is a Commerce and Investment Advisor...

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