Today we are sharing with you the latest news about the imports of cars. The current government has decided to put a temporary ban on the import of Completely Built Units (CBU) into Pakistan. This step was taken to limit the rising import costs and to save the failing economy of the country.
Pakistan Information Minister statement:
Marriyum Aurangzeb, Pakistan’s Information Minister, says the country is in an emergency situation and that Pakistanis must make sacrifices and reduce their reliance on imports. She argues that by doing so, the country will save $500 million per month.
As per report, to reduce foreign reserves and rein in import bill, the government has decided to take drastic measures. The government bans import of a number of non-essential commodities as well as the import of new and old automobiles. Authorities have also planned to raise regulatory charges and customs duty on 10 to 12 other luxury commodities to reduce Pakistan’s current account deficit.
Completely Build Units Imports:
Under the SRO598, the government has banned the import of all used and new Completely Build Units cars. The imports of just commercial automobiles will be permit. There will be no more luxury or passenger vehicles allowed to import. This is worth considering that the restriction will also affect those cars that have already been ordered. Only vehicles arriving at the Karachi port will be clear and delivered to clients.
Premium car manufacturers like Audi, BMW, Mercedes Benz, and Porsche will be affect by the entire prohibition on CBU imports. Imported car companies such as Haval, MG, Toyota, and others would see a drop in sales in Pakistan.
Tax Increased on Import KCD kits:
In this emergency situation, the government has also raised tariffs on Completely Knocked-Down (CKD) kits for the local assembly of automobiles. The officials have proposed raising the regulatory duty on cars with displacements greater than 1,000cc or 1,300cc from 70% to 100%. The higher tariff on CKD kits will raise the pricing of all locally produced cars. see what the government decides about the RD on CKD auto kits imports.
