AIB Podcast feat. Shahrukh Khan (part 01)
Decision not apply to imported cars awaiting authorization.
ISLAMABAD The government has improved the age limit for import of used cars from three to five years under the special schemes to try to break the monopoly of local car manufacturers.
According to a notice published Thursday used cars up to five years can now be imported in personal baggage, gift and transfer of residence schemes.
At present, the import of used vehicles is allowed only in special diets.
The decision takes effect immediately, said the spokesman of the Ministry of Commerce.
He said used cars already imported, but not yet cleared by the customs service will not be entitled to age relaxation.
The decision is in favor of the public and break the monopoly of local manufacturers, said Shahzad Malik, President of Finance of the Lahore Chamber of Commerce and Industry and the tax committee.
He believes that the decision will not have a negative impact on the domestic market of used cars, but will help lower the rate of new vehicles.
The study in the automotive sector by the Competition Commission of Pakistan CCP has highlighted the anti-consumer practices in the automotive industry, where local assemblers have been constantly rising prices over the years and the government seems have assumed the role of a silent spectator.
The recommendation of age relaxation was part of the trade policy proposed this year, to be announced in July.
However, the policy is yet to see the light of day, and perhaps for the first time in its history, the country without an export objectives and official annual import.
Under existing rules, in order to be eligible for the import of a used car in the personal luggage system, a minimum stay abroad of six months during the last seven months is required.
To donate a vehicle to relatives, the requirement is at least two years of stay abroad during the previous three years also a vehicle that can be gifted to a family member residing in Pakistan.
As part of the special regime, taxes are levied on the basis of engine capacity, regardless of the value of the vehicle and additional optional accessories.
Published in The Express Tribune, December 10, 2010 e.
We need a financial statement for each person for their ability to have a car for himself The problem is that local manufacturers are charging too much money with inferior cars and now with the import option our country will face rising import bills of foreign exchange reserves will be depleted by the use of imports of junk cars.
The annual tax return should be mandatory for the purchase of luxury goods in Pakistan for at least 10 years off the four wheeler can be granted to a person who pays more taxes Rs 75000 per year This will help our country with the cash generation and every person driving the car over without congestion on the road.
The amount of the fee should be transferred to the service of education and health so that we can manage our literacy and health levels to improve Recommend.
Age limit for import of used cars increased the Express Tribune, limit, import, used cars.