The government has cut import duties and taxes on 6,980 products starting July 1, 2025. This move comes with the new budget and aims to reduce costs for buyers. It covers many items like imported cars, cosmetics, milk, and dairy products. Officials say this step will help both consumers and businesses across the country.
For vehicles, the government lowered the regulatory duty on imported jeeps from 15% to 10%. New imported sports cars now have a 10% duty, down from 15%. Also, duties on luxury sports jeeps dropped drastically from 90% to 50%. Similarly, taxes on imported ships, cruises, and boats were cut to 5%. This encourages more imports and better prices.
In cosmetics and accessories, the duty on branded sunglasses dropped from 30% to 24%. Imported cosmetics and perfumes now face 40% duty, down from 50%. Branded watches also saw a reduction to 24%. Other household items like wash basins, bathtubs, and table covers got similar duty cuts. These changes aim to make everyday products more affordable.
Food items also saw relief. Import duties on milk, powdered milk, and yogurt were cut to 20%. Frozen fish and codfish duties fell to 5%. The government also lowered taxes on honey, canned vegetables, eggs, and pet food. Fruits and nuts, including dates, mangoes, and cashews, received significant duty cuts. These cuts will benefit families and businesses alike.
Furthermore, the government reduced taxes on raw materials for beauty products and industrial goods. Duties on shaving cream, face wash, and sunscreen have been lowered. These changes support local businesses and promote trade. Overall, the government hopes these reductions will boost the economy and lower prices for everyone.