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Customs duty on imported vehicles likely to be reduced in budget
Imported vehicles are likely to be cheaper in the budget at the request of the International Monetary Fund (IMF). The budget for the next fiscal year will be presented in parliament on June 2.
Imported vehicles are likely to become cheaper in the new budget. The IMF has also called for reducing taxes on vehicle imports and opening up commercial imports of vehicles. Customs duty on imported vehicles of 850cc to 1801cc is likely to be reduced by 5 to 30 percent in Pakistan
According to FBR sources, it is proposed to reduce customs duty on new imported vehicles. This includes vehicles with an engine capacity of 850cc or less and larger vehicles up to 1801cc. The duty on imported vehicles is proposed to be reduced by 5 to 30 percent.
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According to sources, currently the duty on imported vehicles ranges from 50 to 100 percent. It is proposed to keep the duty on used imported vehicles relatively higher.
According to FBR sources, consideration is being given to allowing the import of five-year-old vehicles. After this, it is proposed to gradually open the import of 10-year-old vehicles. It has also been decided to promote e-vehicles under the new five-year energy vehicle policy.