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…)Category: Automotive
PkRevenue provides stories related to automotive industry. We focus on auto policy of Pakistan. The coverage also includes sales of domestic manufacturing.
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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.
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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.
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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READ MORE: Tax exemptions worth Rs343 billion withdrawn through mini-budget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
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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.
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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.
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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.”
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Customs duty collection from imported vehicles surges by 95%
Official data released on Monday indicates a remarkable upswing in the collection of customs duty from imported vehicles during the fiscal year 2020/2021, reflecting a staggering 95 percent growth, reaching Rs111 billion. This surge is in stark contrast to the Rs56.85 billion recorded in the preceding year.
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Hyderabad intelligence to auction vehicles on Dec 21
The Directorate of Customs Intelligence and Investigation (I&I), Hyderabad, is set to conduct an auction of confiscated imported vehicles on December 21, 2021.
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Tarin assures car importers of maximum support
ISLAMABAD: Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue, assured an association of car dealers and importers of maximum support in resolving their issues during a meeting held on Friday.
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Chery to launch Tiggo SUVs in Pakistan
KARACHI: Chery Automobile Co., Ltd., the number one automobile export company of China has partnered with Ghandhara, a leading name in manufacturing and distribution of vehicles for local production of the latest generation Tiggo Series SUVs.
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Pakistan’s car sales fall 11% on rising financing cost
KARACHI: Pakistan’s car sales have declined 11 per cent Month on Month (MoM) to 18,714 units in November 2021, according to data released by Pakistan Automotive Manufacturers Association (PAMA).
The fall in car sales has been attributed to rising financing cost after monetary policy tightening by the State Bank of Pakistan (SBP). The SBP on November 19, 2021 increased the policy rate by 150 basis points to 8.75 per cent.
However, the total number of car sales including Non-PAMA members was at about 23,900 units, down five per cent, according to analysts at Topline Securities.
The analysts said that this is the second consecutive month where sales have witnessed a MoM decline.
They are now down by 25 per cent from their peak sales in July 2021.
They attribute this to rising financing rates, stringent financing requirements by SBP and year end phenomenon where car sales generally slow down.
On Year on Year (YoY) basis, car sales grew by 29 per cent YoY in November 2021 on the back of low base effect. In July – November of the current fiscal year, car sales are up 65 per cent YoY to 108,625 units.
Honda Car (HCAR) reported a 13 per cent MoM increase, mainly due to low base where the company sold only 7 units of BRV last month. Hyundai Nishat and Pak Suzuki Motors (PSMC) reported sales decline of 30 per cent and 17 per cent, respectively.
Along with the above mentioned factors, increasing competition from new players including KIA Motors, MG Motors and Changan are impacting the market share of listed auto assemblers.
Pakistan bike sales were down 7 per cent MoM to 166,630 units in Nov 2021. Atlas Honda (ATLH) sales were up 3 per cent MoM and 19 per cent YoY.
Pakistan tractor sales were down 14 per cent MoM while Trucks/Buses sales were up 10 per cent MoM.
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Pakistan Customs auctions imported vehicles on Dec 14
KARACHI: Pakistan Customs has announced an auction of a huge lot of fresh and old imported motor vehicles on December 14, 2021 at Airport Road Quetta.
The customs authorities will present following vehicles for the auction:
01. Honda Civic, Chassis No. FD3-1102984, Engine No. not traceable (N.T), Model 2006
02. Toyota Premio Car, Chassis No. NZT240-0092059, Engine No. N.T, Model 2006
03. Toyota Passo Car, Chassis No. KGC10-0032340, Engine No. N.T, Model 2004
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04. Suzuki Alto Car, Chassis No. HA23S-682004, Engine No. N.T, Model 2002
05. Suzuki kei, Chassis No. HN22S-883169, Engine No. K6A, Model 2008
06. Toyota Pickup, Chassis No. YN57-0033880, Engine No. 4Y0014049, Model 1985
07. Toyota Pickup, Chassis No. LN560-111926, Engine No. N.T, Model 1987
08. Hino Truck, Chassis No. JHDGHI-JRPXXX10925, Engine No. N.T, Model 1999
09. Hino Truck, Chassis No. JHDGH1JRPXXX10516, Engine No. N.T, Model 1999
10. Toyota Premio Car, Chassis No. ZZT240-013871, Engine No. 1ZZFE, Model 2007
11. Toyota Premio Car, Chassis No. ZRT260-3026626, Engine No. 2ZR-FE, Model 2007
12. Toyota Pickup, Chassis No. YN850040587, Engine No. N.T, Model 1992
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13, Toyota Pick Up, Chassis No. JT731RN8509008497, Engine No. N.T, Chassis No. 1990
14. Toyota Land Cruiser Prado, Chassis No. GRJ151-0003353, Engine No. 1GRFE, Model 2013
15. Zamyad, Chassis No. 496696, Engine No. N.T, Model 1988
16. Toyota Crown Car, Chassis No. AWS210-6022583, Engine No. 2AR-FSE, Model 2013
17. Toyota Corolla GLI Car, Chassis No. JTDBT40EX09058387, Engine No. 1NZFE, Model 2007
18. Toyota Hiace Van, Chassis No. TRH112-5000925 (as per labreport), Engine No. ITR-FE, Model 2003
19. Mazda Truck, Chassis No. FD3HLA-25695, Engine No. HO7DA116215, Model 1991
20. Hino Truck, Chassis No. FD3WJA-10572, Engine No. N.T, Model 1992
21. Toyota Vitz Car, Chassis No. SCP13-0045049, Engine No. 2SZFE, Model 2004
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22. Toyota Premio Car, Chassis No. ZZT240-0093212, Engine No. 1ZZFE, Model 2004
23. Toyota Premio Car, Chassis No. ZZT240-0020016, Engine No. 1ZZFE , Model 2002
24. Toyota Premio Car, Chassis No. ZZT240-0128367, Engine No. 1ZZFE, Model 2006
25. Toyota Coster, Chassis No. JTGFH538604000226, Engine No. 15BFT, Model 2001
26. Toyota corolla X car, Chassis No. NZE121-0401345, Engine No. 1NZ-FE, Model 2006
27. Honda Civic Car, Chassis No. JHMFD46206S200351, Engine No. N.T, Model 2006
28. Toyota Corolla X Car, Chassis No. NZE121-3116311, Engine No. N.T, Model 2002
29. Toyota Mark X Car, Chassis No. GRX1211002280, Engine No. 3GRFSE, Model 2004
30. Toyota Corolla X Car, Chassis No. NZE121-3323210, Engine No. 1NZFE, Model 2005
31. Toyota Vitz Car, Chassis No. NCP91-0003341, Engine No. 1NZFE, Model 2006
32. Toyota Premio Car, Chassis No. ZZT240-0125346, Engine No. 1ZZ-FE, Model 2006
33. Mira Dahitsu Car, Chassis No. JDAL2015000031905, Engine No. N.T, Model 1994
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34. Toyota Corolla Car, Chassis No. EE90-0036489, Engine No. 2343412, Model 1991
35. Toyota Premio Car, Chassis No. ZRT260-3025047, Engine No. N.T, Model 2017
36. Carina Car (accidental & in poor condition), Chassis No. CT170-2038468, Engine No. 1946537, Model 1991
37. Toyota Hiace Van (accidental & in poor condition), Chassis No. LH61G-0008339, Engine No. 2L-1668916, Model 1982
38. Toyota Hiace Van (accidental & in poor condition), Chassis No. LH71B-0001253, Engine No. 2L-1043920, Model 1982
39. Toyota Corolla Car (accidental & in poor condition), Chassis No. AE100-3209410, Engine No. N.T, Model 1993
40. Toyota Hiace Van, Chassis No. JT721LHB3001 71861, Engine No. N.T, Model N.T
41. Toyota Surf, Chassis No. TRN215-0002810, Engine No. N.T, Model 2004
42, Toyota Vitz Car, Chassis No. SCP90-2067451, Engine No. 2SZFE, Model 2008
43. Toyota Corolla Altis Car, Chassis No. ZZE121-9012994, Engine No. 3ZZFE, Model 2005
44. Toyota Corolla Car, Chassis No. KE55-766143, Engine No. N.T, Model N.T
45. Suzuki Swift, Chassis No. JSAEZC-21S0010314, Engine No. N.T, Model 2004
46. Toyota Crown (Hybird), Chassis No. AWS210-6015001, Engine No. 2AR-FSE, Model 2013
47. Toyota Land Cruiser Prado, Chassis No. VZJ195-0060970, Engine No. 5VZ-FE, Model 1999
48. Daihatsu Mira Car, Chassis No. L250S-1089686, Engine No. N.T, Model 2005
49. Toyota Crown Majesta, Chassis No. UZS186-0011118, Engine No. 3UZ-FE, Model 2004
50. Toyota Premio Car, Chassis No. ZZT240-0061554, Engine No. N.T, Model 2003
51. Toyota Land Cruiser, Chassis No. UZJ100-0117691, Engine No. 2UZFE, Model 2000
52. Toyota Sprinter Car, Chassis No. CE96-0092582, Engine No. 1C, Model 1990
53. Toyota Premio Car, Chassis No. ZZT240-0012752, Engine No. 1ZZFE, Model 2002
54. Toyota Land Cruiser, Chassis No. FJ45-240316, Engine No. N.T, Model N.T
55. Toyota Mark-X Car, Chassis No. GRX121-1005643, Engine No. 3GRFSE, Model 2005
56. Toyota Mark-X Car, Chassis No. GRX120-0025640, Engine No. N.T, Model 2005
57. Toyota Fielder Car, Chassis No. ZZE122-0014947, Engine No. N.T, Model 2000
58. Toyota Land Cruiser, Chassis No. JT111TJ3207404810, Engine No. N.T, Model 1996
59. Toyota Mark X Car, Chassis No. GRX120-0034825, Engine No. N.T, Model 2005
60. Hino Trailer, Chassis No. FS3FKA-11822, Engine No. F20CE-17920, Model 1996
61. Range Rover, Chassis No. SALLPAMJ3VA372646, Engine No. N.T, Model 1998
62. Land Cruiser (Cygnus Bullet Proof), Chassis No. JTGCB09JX65002405, Engine No. N.T, Model 2006
63. Toyota Land Cruiser Prado, Chassis No. VZJ121-0011459, Engine No. 5VZ-FE, Model 2005
64. Nissan Jeep, Chassis No. JLR50-004992, Engine No. N.T, Model 1998
65. Toyota Indus Corolla Car, Chassis No. CE104-0012730, Engine No. 3885934, Model 1994
66. Mazda Truck, Chassis No. FD3HLA-16656, Engine No. N.T, Model N.T
67. Toyota Mark-X Car, Chassis No. GRX120-0077315, Engine No. N.T, Model 2006
68. Toyota Vitz Car, Chassis No. SCP13-0037555, Engine No. 2SZFE, Model 2004