Economic Coordination Committee (ECC) has approved the clearance of 1000+ imported vehicles that are stuck in Karachi port. Dr.Abdul Hafeez Shaikh the adviser to Prime Minister on Finance Revenue approves the vehicle clearance under the gift scheme, personal baggage and transfer of residence.
Under the new import policy, the used cars import under gift scheme, personal baggage and transfer of residence and the importer of the used car should pay customs duty and taxes in foreign exchange that is directly remittance from abroad.
In the recent meeting of Dr.Abdul Hafeez Shaikh has allowed using any short way to arrange foreign remittance for paying duty and taxes. If the value of rupee depreciate or the government of Pakistan increase the duty or taxes before clear the good declaration and after the receipt of remittance, in this case, the shortfall of remitted amount vis-a-vis payable duty and taxes.
The decision of ECC help the importers to clear their stuck cars. There are 1000+ used imported vehicles stuck at Karachi port because the remittance has an insufficient amount due to the devaluation of rupee value against the dollar.
This will help to clear the stuck vehicles and make more space for new imported vehicles. The used car’s owner waits for this decision from the last few months to clear their stuck cars with any shortfall. This decision also helps full for the government to collect revenue from custom duties and taxes.