Govt finally allowed used cars to import in Pakistan.
Govt finally allowed used cars to import in Pakistan. Govt finally allows used car importers to pay partial duties in rupees.
The federal government has permitted importers of used cars to pay partial duties in Pakistani currency to release their vehicles stuck at Karachi port, after fulfilling certain specific conditions.
The Ministry of Commerce (MoC) on Monday amended the import policy order 2016 through an SRO which read, “In case the Pakistani rupee depreciates or government increases the import duties or taxes after receipt of remittance and before filing of good declaration, which results in shortfall of remitted amount against payable duties and taxes, the importer is allowed to meet the shortfall through local sources.”
Officials said this would facilitate the smooth clearance of imported cars, as in such cases of shortfall in remitted duty/taxes, the imported cars were stuck at Karachi port causing losses to the owners of vehicles.
The amendment will be implemented in backdate and will be applicable from 15th Jan 2020 , the same day when the MoC had initially placed condition.
also visit : latest jobs and scholarships
While implementing these measures officials had said that it was done to discourage misuse of gift and baggage schemes, earn foreign exchange for Pakistan and discourage imports as a whole. Around three thousand vehicles had been stuck at port owing to the imposition of foreign exchange related conditions since last one year.