The Federal Board of Revenue listed up the imported items and their particular customs tax, in the SRO issued yesterday. The older SRO was modified by the new one, altering custom duties, raising the tax rate which is charged on the import of new vehicles by 30%.
Shahid Khaqan Abbasi, the PM of Pakistan, in an interview said that he will not let the rupee get devalued. Amplification in customs tax will lend a hand for the government in generation of a significant flow of revenue in the direction of the economy at the same time as dispiriting people from importing pricey stuff which hurts the foreign exchange reserves.
Economy of Pakistan has been under pressure of the instability of value of rupee, indecision in stock market and quite a lot of other thing. Nevertheless, this step, will lend a hand to the mafia and domination of the trio of Japanese car manufacturers /assemblers who tend to be ‘robbing’ Pakistanis by giving them overly priced cars at the same time as depriving them of fundamental specifications.
It is quite offensive to pay out enormous amounts of money for out-of-date vehicles– while on the other hand the same amount of money can get you a much better-quality vehicle from other countries.
The final alternative for people of Pakistan for the purpose or car import is also being observed by the government. The new taxes will boost the entire cost of importing vehicles to Pakistan.
The piled up list of vehicles and the new customs taxes imposed via the new SRO are here below;
- New Sport-Utility Vehicles (SUVs): 80% tax, up from 50%
- Old and Used Sport-Utility Vehicles (SUVs) 1801cc-3000cc: 60% unchanged
- New Cars and Jeeps 1801cc-3000cc: 80% up from 50%
- Used Cars and Jeeps 1801cc-3000cc: 60% unchanged
- New Cars and Jeeps above 3000cc:80% up from 50%
- Used Cars and Jeeps above 3000cc:60% unchanged
- New All-terrain vehicles: 80% up from 50%
- Old and Used All-terrain vehicles: 60% unchanged
- New Cars and Jeeps Above 2000cc: 80% up from 50%
- Used Cars and Jeeps Above 2000cc: 60% unchanged
- New Cars and Jeeps Above 2500cc: 80% up from 50%
- Used Cars and Jeeps Above 2500cc: 60% unchanged
- New Other: 80% up from 50%
- Old and Used Other: 60% unchanged
- Vehicles of a cylinder capacity exceeding 1000cc but not exceeding 1300cc: 15% unchanged.
It is to be noted that the “New Sport-Utility Vehicles (SUVs)” category, in the past, doesn’t contained the electric-hybrid vehicles to be under the same category. Their ruling out in the revised SRO is not given, therefore as a matter of fact, we can anticipate that they will be having the same tax rate on them too.
