The import of used and old cars recorded an increase of 166pc during thefirst seven months (July–January) of 2020-21 owing to significant increasein the prices of local cars as well as lack of safety equipment.
According to data released by Pakistan Bureau of Statistics (PBS), theimport payment for used and old cars surged to $116 million during 7MFY21as compared to $43.64 million in the corresponding months of FY20.
Officials in Pakistan Customs attributed the growth in imported cars toease in travel restriction following decline in coronavirus cases acrossthe world and start of vaccination to cure the pandemic.
As per the import policy of Pakistan, every person can bring a new motorcar by paying prevailing rate of duty and taxes. However, commercial importof motor cars is not allowed.Article continues after this advertisement
The import of used cars is allowed under various schemes to facilitatePakistanis living abroad. Overseas Pakistanis can bring motor cars underpersonal baggage, transfer of resident or gift schemes.
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New vehicles can be imported into Pakistan freely by any one againstpayment of duty & taxes under generally applicable import procedures andrequirements.
Officials in Pakistan Customs said that Pakistani nationals residing abroadincluding dual nationals can import old and used vehicles into Pakistanunder the three schemes: Personal Baggage; Gift Scheme; and Transfer ofResidence. Cars not older than three years and other vehicles not olderthan five years can be imported under these schemes.
The structure of duty and taxes under these schemes remains the same.Motorcycles and scooters can only be imported under Transfer of ResidenceScheme.
