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Pakistan Government Increases Custom Duty on Car Imports by Upto 30% Taxes Implemented

In the SRO which was issued and announced recently has the Federal Board of Revenue listed imported items with their customs tax. The news told that the tax rate in importing the cars will be increased to new vehicles by 30%.The Federal Board of Revenue (FBR) has now announced a new standards of taxes. The taxes shifts are for the great list of goods, including imported vehicles.

The increase of taxes will give the new direction of economy and at the same time the people will be stopped by importing pricey stuff which will hurt the foreign exchange reserves. The taxes are increased in new and old cars, jeeps and sport utility vehicles (SUVs).

The list below mentions the regulatory duty on different types of vehicles along with their PCT codes:

  • New SUVs with engine capacity between 1801cc-3000cc – 50% duty (8703.2323)
  • Used SUVs with engine capacity between 1801cc-3000cc – 60% duty (8703.2323)
  • New cars and jeeps with engine capacity between 1801cc-3000cc – 50% duty (8703.2329)
  • Used cars and jeeps with engine capacity between 1801cc-3000cc – 60% duty (8703.2329)
  • New cars and jeeps with engine capacity over 3000cc – 50% duty (8703.2490)
  • Used cars and jeeps with engine capacity over 3000cc – 60% duty (8703.2490)
  • New SUVs with engine capacity over 2000cc – 50% duty (8703.3223)
  • Used SUVs with engine capacity over 2000cc – 60% duty (8703.3223)
  • New All Terrain Vehicles (SBU) – 50% duty (8703.3225)
  • Used All Terrain Vehicles (SBU) – 50% duty (8703.3225)
  • New cars and jeeps with engine capacity over 2000cc – 50% duty (8703.3229)
  • Used cars and jeeps with engine capacity over 2000cc – 60% duty (8703.3229)
  • New cars and jeeps with engine capacity over 2500cc – 50% duty (8703.3390)
  • Used cars and jeeps with engine capacity over 2500cc – 60% duty (8703.3390)
  • Other types of new vehicles – 50% duty (8703.9090)
  • Other types of used vehicles – 60% duty (8703.9090)

Pakistan Government Increases Custom Duty on Car Imports by Upto 30% Taxes Implemented

Pakistan Government Increases Custom Duty on Car Imports by Upto 30% Taxes Implemented

The budget included the taxation. The FBR has issued the notification for the regulatory duty on ad valorem basis (in proportion to the estimated value of the goods) for over 500 items. This aims that this will improve the revenue collection by charging more taxes from the citizens. This will lessen down the purchase of international products rather than people will buy local products. 

It is estimated that this step will increase revenues by Rs. 10 billion.The government increased the customs valuations rate of imported vehicles with engine displacements of 1,800cc and above which could raise the price of such vehicles by Rs. 200,000 to Rs. 1.5 million.The government is now discouraging the people to buy exported stuff.

The Pakistani economy always struggle as the people use exported products more than local one thus the local economy lessen down. The people will now get the products on high rates. There are many goods and cars which are included in taxation. The tobacco products, ceramics, firearms and bathroom equipment. are also included. The other news updates are given here.

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