Pkrevenue.com

Category: Automotive

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

  • Ministry opposes suggestions to allow commercial import of used cars

    Ministry opposes suggestions to allow commercial import of used cars

    ISLAMABAD: The ministry of industries and production has opposed the suggestions to allow commercial import of used and old motor cars into Pakistan.

    In an office memorandum, the ministry said that a meeting was held earlier this month with the car dealers federation to analyse suggestions to devise import and re-export of used vehicles policy 2019/2029 wherein it was unanimously observed that the dealers were interested in commercial import of used/old cars.

    The ministry said that as for the investment plan of $3.2 billion, the same seems irrational as importers do not plan to build any manufacturing facilities in near future. The Engineering Development Board (EDB) has therefore opined that proposed plan will negatively affect existing OEMs, new entrants and auto part manufacturers.

    The ministry further said that it is important to consider that Auto Development Policy (ADP) 2016-2021 has attracted investment of more than $1.3 billion so far from foreign investors who are at various stages of setting up their projects.

    Under ADP 2016/2021, fifteen new investors have been granted Greenfield status and under Brownfield category two closed down units have been revived, the existing OEMs are enhancing their capacities, their production and other new entrants are expected to start their production/complete their manufacturing facilities shortly. As per business plans, few new entrants have planned to export as well.

    “In view of above, allowing commercial import for domestic market would be against the spirit of Automotive Development Policy 2016/2021, which was prepared in consultation with Board of Investment, FBR and Ministry of Commerce etc.”

    It is also pertinent to point out that import of used cars would be at odds with the relevent import policy provision, hence it is requested to reject the proposal.

  • Procedure for import of motor vehicles into Pakistan

    Procedure for import of motor vehicles into Pakistan

    KARACHI: Pakistani nationals residing abroad including dual nationals can import old and used vehicles into Pakistan under three different schemes, according to a guide issued by Federal Board of Revenue (FBR).

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

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

    KARACHI – The import of Completely Built Unit (CBU) motor cars has witnessed a significant decline of 36 percent, primarily attributed to the restrictions imposed on non-filers of income tax returns, according to data released by the Pakistan Bureau of Statistics.

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  • FED rates revised for locally manufactured, imported vehicles

    FED rates revised for locally manufactured, imported vehicles

    Federal Excise Duty (FED) rates have been revised for locally manufactured and imported vehicles through the Finance Supplementary (Second Amendment) Bill, 2019.

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

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

    The car imports in Pakistan experienced a substantial decline by 43 percent due to significant devaluation of local currency and imposition of regulatory duty.

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  • Pakistan imposes new conditions for clearance of new and used imported vehicles

    Pakistan imposes new conditions for clearance of new and used imported vehicles

    In a bid to enhance transparency and ensure fiscal compliance, Pakistan has implemented new conditions for the clearance of both new and used imported vehicles under concessionary schemes.

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  • ECC approves clearance of imported vehicles on verified foreign currency payment

    ECC approves clearance of imported vehicles on verified foreign currency payment

    ISLAMABAD – In a recent session, the Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Asad Umar, gave its approval for a significant policy shift regarding the clearance of imported vehicles under various schemes.

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  • Auction of confiscated vehicles on Jan 23 by Rawalpindi Customs Intelligence

    Auction of confiscated vehicles on Jan 23 by Rawalpindi Customs Intelligence

    The Directorate of Intelligence and Investigation – Customs, Rawalpindi, has officially declared a public auction of confiscated vehicles scheduled for January 23, 2019.

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  • Campaign against tax defaulting vehicles to continue till January 15

    Campaign against tax defaulting vehicles to continue till January 15

    The Sindh Excise Department’s ongoing road checking campaign against defaulting vehicles is set to persist until January 15, 2019, in an effort to enforce tax compliance.

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  • Mazda Titan Trucks to be assessed for customs values on MSRP

    Mazda Titan Trucks to be assessed for customs values on MSRP

    Karachi: Pakistan Customs has issued a statement clarifying the assessment and clearance process for Mazda Titan Trucks.

    According to the circular issued by the Model Customs Collectorate of Appraisement – West, these trucks will be evaluated and cleared based on values prescribed in accordance with the manufacturer’s suggested retail price or any applicable valuation ruling.

    The circular also emphasized that M/s. Ghandhara Industries Limited, a prominent player in Pakistan’s automotive industry, is solely involved in the assembly of Isuzu Trucks and Buses within the country and does not deal with Mazda Titan Trucks. This information was corroborated by a letter dated October 4, 2018, from M/s. Ghandhara Industries Limited.

    As a result of this clarification, the import trade price proposed by Ghandhara Industries Limited is considered irrelevant for Mazda Titan Trucks concerning Customs General Order (CGO) No. 14/2005, which outlines the guidelines for the assessment of imported goods. Consequently, Mazda Titan Trucks will be assessed according to the Manufacturer’s Suggested Retail Price (MSRP) or Valuation Ruling 1051/2017 dated February 21, 2017, depending on the applicable case.

    This directive aims to streamline the assessment and clearance process for Mazda Titan Trucks, ensuring that they are evaluated based on standardized and well-defined criteria, specifically the manufacturer’s suggested retail price or relevant valuation rulings. Such measures enhance transparency and consistency in the importation and assessment of these vehicles.

    These new guidelines set by Pakistan Customs will not only facilitate the assessment of Mazda Titan Trucks but also contribute to a fair and equitable taxation process for importers and traders dealing in these vehicles. It aligns with the government’s commitment to ensuring clarity and uniformity in customs procedures, benefiting both the business community and government revenue collection.

    The decision also underscores the importance of accurate and up-to-date information when assessing customs values for imported goods. By relying on the manufacturer’s suggested retail price or relevant valuation rulings, the Customs authorities aim to prevent discrepancies and inconsistencies in the valuation of Mazda Titan Trucks, further promoting a fair and transparent importation process.

    While the new regulations may result in a more standardized approach to the assessment of Mazda Titan Trucks, it is essential for importers and traders to be aware of these changes to ensure compliance and facilitate a smooth importation process. By adhering to these guidelines, the customs process for Mazda Titan Trucks will become more efficient and straightforward, benefitting all stakeholders involved in the importation of these vehicles.