KARACHI: A meeting of the Economic Coordination Committee has been convened on Friday after the prime minister is reported to have approved new tax measures to be introduced on Dec 1 in view of Rs40 billion shortfall in revenue collection recorded during the first quarter of the current fiscal year.

Television news channels quoted sources in the finance ministry as saying that the regulatory duty on over 300 imported products is likely to be increased from five per cent to 15pc.

The duty will also be imposed on imported vehicles.

Taxes on international air travel will also be increased, the reports said.

Prices of cigarettes, beverages, TV sets, microwave ovens, CDs, LCDs, fans, generators and air conditioners will also go up.

In addition to imposition of 15pc duty on import of cosmetics, mobile phones, refrigerators, electronic items and furniture, duties on juices and mineral water will also be increased, according to a DawnNews report.

Published in Dawn, November 26th, 2015