Import of used motor cars decline by 36 percent in seven months

KARACHI: The import of completely built unit (CBU) motor cars has sharply declined by 36 percent owing to restriction imposed on non-filers of income tax return filers, according to data released by Pakistan Bureau of Statistics.

 

 

The import of CBU motor cars came down to $193.43 million during July – January 2018/2019 as compared with $302.6 million in the same period of the last fiscal year.

Through Finance Act, 2018 the government imposed restriction on registration of locally assembled new cars and imported used/old motor vehicles by non-filers of income tax returns.

Through Finance Act, 2018 a new Section 227C was introduced, which stated: Notwithstanding anything contained in any law, for the time being in force,

“(a) any application for booking, registration or purchase of a new locally manufactured motor vehicle or for first registration of an imported vehicle shall not be accepted or processed by any vehicle registering authority of Excise and Taxation Department or a manufacturer of a motor vehicle respectively, unless the person is a filer.”

The total import of CBU motor vehicles including business, trucks, motor cycles and motor cars also decreased by 37.42 percent to $284.34 million during first seven months of current fiscal year as compared with $454.34 million in the corresponding period of the last fiscal year.

The import of motor cars in Semi Knocked Down (SKD) or Completely Knocked Down (CKD), however, increased by 8.49 percent to $488.5 million during July – January 2018/2019 as compared with $450.26 million in the corresponding period of the last year.

The total import of motor vehicles in CKD/SKD has increased by 8.49 percent to $777.8 million during first seven months of current fiscal year as compared with $720 million in the same period of the last fiscal year.

Related Stories

Car imports fall sharply by 43pc on regulatory duty, currency devaluation

Car sales decline 3.2 percent in July – January

Copyright © PkRevenue.com 2019

Be the first to comment on "Import of used motor cars decline by 36 percent in seven months"

Leave a comment

Your email address will not be published.


*