The government is issuing the ‘Finance Ordinance 2006′ to give continuity to the budget estimates made public in the beginning of the current fiscal year.
According to officials at the Finance Ministry, the new ordinance has revised customs tariffs.
According to reports, the government is going to decrease customs duty on the goods imported from abroad so as to control “under invoicing and smuggling” and effectively enforce Value Added Tax (VAT).
The Ministry is going to slash customs tariff in some 125 goods imported from third countries, according to reports.
However, most of the other provisions in the previous ordinance will remain unchanged.
Minister of state for Finance, Dr. Roop Jyoti, is to make public the Finance Ordinance Saturday afternoon, which will be carried live by the state-run media.