Despite the Pakistani government’s efforts to restrict the import of luxury and non-essential items, the import of Completely Built Unit (CBU) cars into the country experienced a significant surge of 146 percent on a month-on-month (MoM) basis in April 2023.
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New prices of Toyota CBU cars from April 03
Indus Motor Company (IMC) has raised the prices of Completely Built Unit (CBU) cars following the devaluation of Pakistani Rupee (PKR) against US Dollar.
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Clearance of banned cars, phones allowed on 100% surcharge
ISLAMABAD: The government has allowed clearance of stuck up consignments of cars and mobile phones on payment of 100 per cent surcharge.
The ministry of commerce on Friday issued an office memorandum regarding prohibition / complete quantitative restrictions on import of non-essential and luxury items.
READ MORE: Pakistan lifts ban on import of cars, phones, luxury items
The ministry said that pursuant to the decision of federal cabinet on August 19, 2022, the federal government had allow release of all those consignments/shipments which had been imported in violation of SRO 598(I)/2022 dated May 19, 2022 and landed at any Pakistani port, subject to payment of surcharge.
The commerce ministry stated that to release those held up consignments, except Completely Built Unit (CBU) Auto, CBU phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 25 per cent surcharge, and 35 per cent surcharge for those consignments which arrived after July 31, 2022.
READ MORE: 15% surcharge imposed for clearance of banned items
Similarly, to release held up consignments of CBU auto, CBU mobile phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 100 per cent surcharge.
The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.
The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.
Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.
It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.
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FBR allows reduced duty rates for import of certain CBU vehicles
KARACHI: Federal Board of Revenue (FBR) has allowed reduced rate of customs duty on import of certain automotive vehicles in Completely Built Units (CBUs) under Automotive Development Policy 2016-2020.
Following are the automotive vehicles, which are granted reduced customs duty rates on import:
1. Agricultural Tractors, having an engine capacity exceeding 26 kW but not exceeding 75kW (PCT code 8701.9220, 8701.9320) at 15 percent.
2. Agricultural Tractors (other than mentioned at S. No. 1 above) (PCT Code 8701.9100, 8701.9400, 8701.9500) at 10 percent.
3. Fully dedicated LNG buses (CBU) (PCT Code 8702.9030) at one percent
4. Fully dedicated LPG buses (CBU) (PCT Code 8702.9040) at one percent
5. Fully dedicated CNG buses (CBU) (PCT Code 8702.9050) one percent.
6. Hybrid Electric Vehicle (HEV) (CBU) (PCT code 8702.2090, 8702.3090) at one percent.
7. Hybrid Electric Vehicle (HEV) (CBU) (PCT code 8704.2214, 8704.2294, 8704.2340, 8704.3240) at one percent.
8. Trailers (PCT code 87.16) at 15 percent