Overview
Car buyers receive a major favorable decision from the government of Pakistan. Pakistan’s government has made significant decisions regarding the raise duties on cars. The delve details of the matter make imported car buyers secure and happy.
Pakistan rupee’s value against the dollar has increased significantly. The rise in currency value will have elevated impacts on the economy. Meanwhile, we are expecting a major decrease in petrol prices. The incumbent government has control of the illegal trade of dollars which raises the value of PKR currency.
Besides, the step taken in favor of imported car duties will stabilize the prices. The CBU car import is no more trouble or risky for car makers.
Proposal To Increase Custom Duties
Earlier this week the Tariff Board Policy received a recommendation on imposing 100% regulatory duties on 125 imported items including new and used cars. The meeting was outset after the orders of interim Prime Minister Anwaarul Haq Kakar. The proposal was suggested to discourage the import of these luxuries and control the trade of dollars.
The proposal is about raising customs duties on these items including used cars. However, the rejection of the proposal has solid reason to understand. It can create a dilemma in the discussion of a common program known as GSP-Plus. The policy has been rejected due to the high concerns of Pakistan’s ongoing negotiation with the European Union regarding the next level of the Generalized System of Preference Plus.
Objections on High Custom Duties
European Union’s remarks played a vital role. It’s important to tell you that, the rise in customs duties didn’t make major impact on imports. Meanwhile the context of Pakistan’s negotiation with the EU regarding the most important topic GSP-Plus can be affected.
Conclusion
The worth of this rejection is in favor of imported car buyers. They have been bearing a heavy burden of Regulatory duty for a long time. A few months ago the government lifted the on import and removed regulatory duty from imported cars and other luxury items. After the removal of regulatory duty huge number of used and brand-new cars entered Pakistan. Meanwhile, a number of standing cars at Karachi port also reached end users after a long time.
