Car import climbs up by 167 percent in first quarter

Car import climbs up by 167 percent in first quarter

ISLAMABAD: The import of motor cars has surged by 167 percent during first quarter of current fiscal year owing to after ease in coronavirus lockdown globally.

The import of Completely Built Units (CBU) motor cars increased to $39.15 million during July – September 2020 as compared with $14.69 million in the same period of the last fiscal year, Pakistan Bureau of Statistics (PBS) said on Saturday.

Industry experts said that as coronavirus lockdown eased in Pakistan as well as in other countries the overseas Pakistanis cleared the motor vehicles under various schemes granted by the government.

The commercial import of motor cars is not allowed in Pakistan. However, Pakistanis are allowed to bring motor vehicles under schemes including transfer of residence, gift scheme and personal baggage.

In the past these scheme were grossly misused and the government while taking strict action imposed restriction that clearance of motor vehicles would only be allowed on payment of duty and taxes out of those amount which was remitted into Pakistan with evidence of banking channels.