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Category: Automotive

PkRevenue provides stories related to automotive industry. We focus on auto policy of Pakistan. The coverage also includes sales of domestic manufacturing.

  • Customs to auction huge lot of motor vehicles on Feb 15

    Customs to auction huge lot of motor vehicles on Feb 15

    ISLAMABAD: Pakistan Customs announced auction of motor vehicles to be held on February 15, 2022 at State Warehouse Kohat, D I Khan and Bannu.

    The customs will offer following vehicles for the auction at State Warehouse, Kohat:

    1. Toyota Hiace Van, 1998, LHI13-0179739

    2. Honda Cross Road Car, RTI-1008189, Model 2008

    3. Toyota Vitz Motor Car, Chassis No. SCP13-0029994, Model 2004

    4. Audi Quattro Q7 (SUV), Chassis No. WAUZZZ4L39D030098, Model 2009

    5. Mazda Titan, Chassis No. WGLAN-101172, Model 1990

    6. Toyota Axio Fielder M/car, Chassis No. NZE141-9113264, Model 2009

    READ MORE: Customs I&I Multan to auction vehicles on February 09

    7. Toyota Fielder motor car, Chassis No. NKE165-8014761, Model 2015

    8. Toyota Fielder motor car, Chassis No. NZE141-9061323, Model 2007

    9. Toyota Corolla Motor Car, Chassis No. NZE121-3287834, Model 2004

    10. Toyota Fielder Motor Car, Chassis No. NZE121-0222323, Model 2003

    11. Toyota Axio Fielder Motor Car, Chassis No. NZE141-91-5548, Model 2008

    12. Toyota Primo Motor Car, Chassis No. ZZT240-0015649, Model 2002

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    13. Toyota Vitz Motor Car, Chassis No. NSP130-2161079, Model 2014

    14. Toyota Swift Motor Car, Chassis No. ZC72S-117748, Model 2011

    15. Honda Cross Road Jeep, Chassis No. RTI-1001891, Model 2007

    16. Toyota Corolla Motor Car, Chassis No. NZE121-3203542, Model 2003

    17. Suzuki Alto Motor Car (damaged), Chassis No. HA35S-160033, Model 2013

    List of vehicles ripe for auction Customs State Warehouse D. I. Khan

    READ MORE: FBR notifies promotion of Customs officers to BS-20

    1. Mercedes Benz Motor Car, 2002, Chassis No. WDB22Q1752AQ31611

    2. Daihatsu Motor Car, 2006, Chassis No. M300S-0011917

    3. Toyota Corolla motor car, Chassis No. AE110-5338852, Model 1999

    4. Toyota Fielder Motor Car, Chassis No. NZE121-0364499, Model 2005

    5. Toyota Premio Motor Car, Chassis No. ZPT260-3032535, Model 2008

    6. Toyota Hilux Pickup, Chassis No. JT731LN8609007974, Model 1995

    7. Toyota Aqua Motor Car, Chassis No. NHP10-2106294, Model 2012

    8. Suzuki Pickup, Chassis No. DG51T-175289, Model 1991

    9. Suzuki Pickup, Chassis No. DB1T-129816, Model 1990

    10. Suzuki Pickup, Chassis No. DD51T-524559, Model 1997

    11. Suzuki Pickup, chassis No. DB51T-123352, Model 1990

    12. Suzuki Pickup, Chassis No. DD51T-459357, Model 1996

    13. Suzuki Pickup, Chassis No. DD51T-585622, Model 1998

    14. Suzuki Pickup, Chassis No. DA51T-132902, Model 1990

    READ MORE: FBR sacks director customs audit on NAB conviction

    15. Suzuki Pickup, Chassis No. DB51T-218643, Model 1991

    16. Suzuki Pickup, chassis No. DB51T-121814, Model 1990

    17. Suzuki Pickup, Chassis No. DD51T-544871, Model 1997

    18. Suzuki Pickup, Chassis No. DD51T-550196, Model 1997

    19. Suzuki Pickup, Chassis No. DB51T-134705, Model 1990

    20. Suzuki Pickup, Chassis No. DD51T-119206, Model 1991

    21. Suzuki Pickup, Chassis No. DC51T-541160, Model 1998

    22. Suzuki Pickup, Chassis No. DD51T-550341, Model 1998

    23. Suzuki Pickup, Chassis No. DK51T-512906, Model 1998

    24. Toyota Fielder Motor Car, Chassis No. NZE121-0015852, Model 2000

    25. Toyota Vitz Motor Car, Chassis No. SCP13-0039060, Model 2004

    READ MORE: Duty free import of Land Cruiser vehicles allowed

    List of vehicles ripe for auction at Customs State Warehouse, Bannu

    1. Toyota Hilux Pickup, 1986, LN56-00611777

    2. Toyota Aqua Motor car, Chassis No. NHP10-6466043, Model 2015

    3. Daihatsu Motor Car, Chassis No. L300S-128393, Model 1996

    4. Toyota Fielder Motor Car, NZE141-9059607, Model 2007

    5. Toyota Aqua Motor Car, NHP10-6141867, Model 2013

  • Customs I&I Multan to auction vehicles on February 09

    Customs I&I Multan to auction vehicles on February 09

    ISLAMABAD: The Directorate of Intelligence and Investigation (I&I)- Customs, Multan has announced auction of confiscated vehicles to be held on February 09, 2022.

    The directorate will offer following vehicles for the auction:

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    01. Toyota Vitz Car, Model 1999, Registration No. BFA-394/Sindh, Chassis No. SCP10-0028617

    02. Hino Renger Truck, Model 1994, Registration No. TKY-248/Quetta, Chassis No. FD3HGA-51170

    03. Toyota Vitz Car, Model 2007, Registration No. BAF-022/ Sindh, Chassis No. SCP90-5082486

    04. Toyota Vitz Car, Model 2001, Registration No. BPA-630/Sindh, Chassis No. SCP10-0316425

    READ MORE: FBR notifies promotion of Customs officers to BS-20

    05. Toyota Fiedler Car, Model 2003, Registration No. BUK-356, Chassis No. NZE121-0249693

    06. Toyota Altis Car, Model 2004, Registration No. AAR-733, Chassis No. JTDBT-22E903246838

    07. HYMER H3 Jeep, Model 2003, Registration No. LEE-7444, Chassis No. 5GTDN1368328088

    08. Suzuki Alto Car, Model 2002, Registration No. AMS-632/Sindh, Chassis No. HA12S-628869

    READ MORE: FBR sacks director customs audit on NAB conviction

    09. Toyota Vitz Car, Model 2003, Registration No. LEA-07-2627, Chassis No. SCP13-0004867

    10. Toyota Prius Car, Model 2007, Registration No. LEE-12-6566, Chassis No. NHW20-3254780

    11. Toyota Vitz Car, Model 2008, Registration No. BJM-377/Sindh, Chassis No. SCP90-2069550

    12. Suzuki Alto Car, Model 2010, Registration No. LE-061/ICT, Chassis No. HA25S-762195

    13. Toyota Prius Car, Model 2006, Registration No. LEA-4212, Chassis No. NHW20-3225755

    READ MORE: Duty free import of Land Cruiser vehicles allowed

  • Regulatory duty on motor vehicles increased to 50%

    Regulatory duty on motor vehicles increased to 50%

    In a bid to curb the escalating import bill and foreign exchange outflow, the Federal Board of Revenue (FBR) unveiled a significant surge in regulatory duty on the import of new motor vehicles.

    (more…)
  • FBR enhances tax rates on motor vehicle registration

    FBR enhances tax rates on motor vehicle registration

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified the enhanced rates of advance tax on those vehicles, which sold prior to first registration.

    The tax rates have been enhanced through Finance (Supplementary) Act, 2022 through making amendment in Section 231(B)(2A) of Income Tax Ordinance, 2001.

    The FBR said that advance tax on vehicle registration under Section 231(B)(2A) of the Ordinance has been increased for the persons who register such motor vehicles which have been sold prior to their first registration.

    READ MORE: FBR increases income tax to 15% on cellular services

    The FBR issued Circular No. 12 of 2012 to explain amendments in the Income Tax Ordinance, 2001 made through Finance (Supplementary) Act, 2022.

    The purpose is to discourage huge ‘on money’ on such vehicles which are booked by investors as a result of which the vehicles remain unavailable to the genuine buyers.

    READ MORE: FBR issues new FED rates on motor vehicles

    New rates under Division VII of Part IV of First Schedule to the Ordinance shall be as following:

    01. Motor vehicle with engine capacity up to 1000CC, the advance tax has been increased to Rs100,000 from Rs50,000.

    02. Motor vehicle with engine capacity between 1001cc to 2000cc, the advance tax has been increased to Rs200,000 from Rs100,000.

    03. Motor vehicle with engine capacity 2001cc and above, the advance tax has been increased to Rs400,000 from Rs200,000.

    READ MORE: Banks to share business account details to FBR

  • FBR issues new FED rates on motor vehicles

    FBR issues new FED rates on motor vehicles

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday issued new rates of Federal Excise Duty (FED) on imported and locally assembled motor vehicles.

    The FBR revised upward the FED rates after the implementation of Finance (Supplementary) Act, 2022. In this regard the FBR issued Circular No. 06 of 2022.

    Through S. No. 55, 55B, 55C and 55D of Table-1 of the First Schedule to the Federal Excise Act, 2005, the rates of FED on imported, locally manufactured motorcars/SUVs, imported and locally manufactured double cabin are provided respectively.

    READ MORE: Banks to share business account details to FBR

    In order to rationalize the existing rates of FED on vehicles, the following increase in the various slabs has been made:

    Imported motor cars, SUVs and other motor vehicles:

    (a) of cylinder capacity up to 1000cc the FED rate has been kept unchanged at 2.5 per cent ad valorem.

    (b) Of cylinder capacity from 1001cc to 1799cc the FED rate has been increased to 10 per cent ad valorem from 5 per cent.

    (c) Of cylinder capacity 1800cc to 3000cc the FED rate has been increased to 30 per cent ad valorem from 25 per cent.

    READ MORE: Debt, credit card machines must for POS retailers: FBR

    (d) Of cylinder capacity exceeding 3001cc the FED rate has been increased to 40 per cent ad valorem from 30 per cent

    Locally manufactured or assembled motor cars, SUVs:

    (a) Of cylinder capacity up to 1300cc has been rationalized at 2.5 per cent. Previously, the FED was zero per cent on up to 1000cc and was 2.5 per cent on 1001cc to 2000cc.

    (b) Of cylinder capacity from 1301cc to 2000cc the FED rate has been increased to 5 per cent ad valorem from 2.5 per cent.

    (c) Of cylinder capacity 2001cc and above the FED rate has been enhanced to 10 per cent ad valorem from 5 per cent.

    READ MORE: FBR slashes sales tax rates on petrol, HSD

    Imported double cabin (4X4) pickup vehicles, the FED has been increased to 30 per cent ad valorem from 25 per cent.

    Locally manufactured double cabin (4X4) pickup vehicles except the vehicles booked on or before June 30, 2020 subject to the restriction or conditions specified by the FBR, the FED has been increased to 10 per cent ad valorem from 7.5 per cent.

  • Pakistan’s car sales up monthly highest ahead price hike

    Pakistan’s car sales up monthly highest ahead price hike

    KARACHI: Pakistan’s car sales have increased by 96 per cent to 27,331 units in December 2021, which is the highest ever sale in a month, ahead of hike in prices proposed through mini-budget.

    According to data released by Pakistan Auto Manufacturers Association (PAMA) on Tuesday, the total car sales grew to 27,331 units during December 2021 as compared with 13,956 units in the same month of the last year.

    READ MORE: New rates of FED on local, imported motor vehicles

    Analysts at Arif Habib Limited said that auto sales figures for December 2021, portrayed an increase of 96 per cent year on year (YoY) and 46 per cent month on month (MOM) to 27,331 units.

    “Despite shortage of semi-conductor chips, disruption in international supply chain and booking suspension of various automobiles, the massive growth in sales volumes remained intact mainly due to: improved purchasing power amid rapid economic recovery; and consumers interest in buying cars in anticipation of price hike as cars are soon expected to be slapped with increased regulatory duty (RD) and federal excise duty (FED).”

    READ MORE: Mini-budget: Advance tax on motor vehicles doubles

    In below 1,000 cc, volumes are significantly up by 211 per cent YoY owing to massive surge in sales of Alto. In 1300cc and above, total sales stood at 9,955 units, increasing by 106 per cent YoY due to impressive dispatches of Civic/City, Corolla and Yaris by 188 per cent, 77 per cent and 37 per cent YoY, respectively.

    Pakistan Suzuki Motors Company (PSMC) has posted growth of 104 per cent YoY in December 2021.

    In December 2021, total sales significantly increased by 104 per cent YoY to 15,503 units compared to 7,594 units in December 2020. The all time high monthly sales is mainly attributable to the announcement of price increase by the PSMC which eased cost and exchange rate pressure on it to some extent and thereby lead to resumption of suspended bookings of various models.

    READ MORE: Customs duty collection from imported vehicles surges by 95%

    Dissecting the numbers, Alto, Wagon R and Bolan were the major contributors to the overall growth as their sales volumes underwent a jump of 211 per cent, 205 per cent and 75 per cent YoY, respectively. An upward momentum in sales growth of 82 per cent was also observed on MoM basis.

    The sales of Indus Motors (INDU) jumped by 55 per cent YoY in December 2021 due to robust demand of high end cars at the back of rapid economic recovery coupled with improved purchasing power.

    During December 2021, the sales of Honda Cars witnessed growth in sales volume by 167 per cent and 56 per cent MoM to 4,708 units with Civic/city sales increased by 188 per cent YoY to 4,505 units. The jump in sales volumes is mainly attributable to shifting of cost pressure to end consumers through price hike and increased consumers interest in buying cars at the back of anticipation of price hike as cars are soon expected to be increase after approval of mini-budget.

    READ MORE: Tarin assures car importers of maximum support

  • Customs Intelligence Karachi auctions imported vehicles on Jan 07

    Customs Intelligence Karachi auctions imported vehicles on Jan 07

    The Directorate of Customs Intelligence and Investigation Karachi has announced an upcoming auction of old and used imported vehicles scheduled for January 7, 2022.

    (more…)
  • New rates of FED on local, imported motor vehicles

    New rates of FED on local, imported motor vehicles

    ISLAMABAD: The federal government has proposed enhancement in federal excise duty (FED) on imported and locally assembled vehicles through mini-budget.

    The government on December 30, 2021 presented Finance (Supplementary) Bill, 2021 to take tax measures to generate additional revenue for improve fiscal situation of the country. One of the major revenue measure is increasing the FED on imported and locally manufactured motor vehicles.

    READ MORE: Mini-budget: FBR to generate Rs4.5bn through tax rate increase on cellular services

    Sources said that the Federal Board of Revenue (FBR) had estimated to generate additional Rs6.5 billion through the changes.

     According to the changes proposed, the FED on imported completely built unit (CBU) up to 1,000 CC the rate shall be unchanged at 2.5 per cent ad valorem.

    READ MORE: Mini-budget: income tax rates proposed for foreign TV dramas

    However, CBU imported vehicles between 1001CC to 1799CC the FED has been proposed to enhance to 10 per cent from 5 per cent.

    Similarly, the CBU imported motor vehicles between 1800CC to 3000CC the FED has been increased to 30 per cent from 25 per cent.

    Likewise, the motor vehicles above 3000CC, the FED has been enhanced to 40 per cent from 30 per cent.

    READ MORE: Tax exemptions worth Rs343 billion withdrawn through mini-budget

    The FED on locally manufactured motor vehicles has been kept unchanged at zero per cent for engine capacity up to 1000CC.

    However, motor vehicles with engine capacity between 1000CC to 2000CC and exceeding 2000CC, the FED has been enhanced to 5 per cent from 2.5 per cent and enhanced to 10 per cent from 5 per cent, respectively.

    The Federal Board of Revenue (FBR) said that the FED has been announced to increase to 30 per cent from existing rate of 25 per cent on import of double cabin (4X4) pick-up vehicles.

    Similarly, the FED on locally manufactured double cabin (4X4) has been increased to 10 per cent from existing rate of 7.5 per cent.

    READ MORE: Mini-budget: Advance tax on motor vehicles doubles

  • Mini-budget: Advance tax on motor vehicles doubles

    Mini-budget: Advance tax on motor vehicles doubles

    In a bid to curb the practice of on-money transactions on motor vehicles and boost advance tax revenues, the government has introduced significant changes in the Finance (Supplementary) Bill, 2021, commonly referred to as the mini-budget.

    (more…)
  • Meezan Bank, Suzuki Motors sign MoU for car financing

    Meezan Bank, Suzuki Motors sign MoU for car financing

    KARACHI: Meezan Bank and Pak Suzuki Motor Company Limited have signed a Memorandum of Understanding (MoU) to offer Sharia-compliant car financing.

    Arshad Majeed, Group Head Consumer Finance, Meezan Bank signed the MoU with Aamir Shaffi, Executive Officer, Marketing and Sales, Pak Suzuki Motor Company Limited.

    READ MORE: Meezan Bank starts Islamic financing scheme for SMEs

    In an effort to ease access to Shariah-compliant car financing solutions, Meezan Bank will facilitate its customers with additional Residual Value features which will include affordable monthly rentals that will be lower than regular installments.

    Customers will be able to opt for a new vehicle option every three years through this Scheme on selected variants. In addition customers can also avail preferred delivery of Suzuki vehicles Suzuki Alto (VX & VXR), Suzuki Wagon R (VXR, VXL & AGS) & Suzuki Cultus (VXL & AGS) with free registration (excluding taxes) and buyback guarantee of up to three years as well as after-sales support services across Pakistan.

    READ MORE: Meezan Bank, Retailo sign agreement to finance youth

    Commenting on the occasion, Arshad Majeed, said: “Meezan Bank has always strived to offer affordable and accessible Shariah-compliant car financing solutions to its customers.

    “Through the Residual Value Module, we are making the process of car purchasing much easier for individuals and families, especially in the current scenario where prices of vehicles and interest rates are an increasing trend. We are pleased to partner with Pak Suzuki Motor Company Ltd. for offering preferred vehicle delivery that will boost the vehicle buying experience of our customers.”

    READ MORE: Pak Suzuki posts sharp 285pc growth in gross profit during first quarter

    Aamir Shaffi, while speaking at the occasion, said: “Residual Value Module will attract young generation and create customer trend to change the car every 2-3 years through RV financing, in which the customer can defer/postpone up to 50% of value amount of vehicle at end of financing period and enjoy the benefit of reduced rentals.

    “The scheme will enhance our brand image and help retain financing customers for life at Pak Suzuki Motor Company dealerships by providing them right market value with buyback guarantee up to 3 years based on car condition criteria.”