KARACHI: Federal Board of Revenue (FBR) issued Pakistan Customs Tariff (PCT) details of Completely Built Up (CBU) imported motor vehicles on which sales tax at 25 per cent is applicable.
(more…)Tag: imported vehicles
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Pakistan car imports surge by 108pc as restriction eases
Car imports into Pakistan have surged by 108 per cent Month on Month (MoM) in October 2022 owing to ease in restrictions by the government.
The import of motor cars in Completely Built Unit (CBU) into Pakistan increased to $2.70 million in October 2022 as compared with $1.3 million in previous month i.e. September 2022, according to Pakistan Bureau of Statistics (PBS).
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The increase in import of CBU cars may be attributed to relaxation in import condition by the government. A complete ban was imposed in May 2022 on import of luxury and non-essential items. However, this ban was relaxed on August 20, 2022.
However, there are still some restrictions on the import which resulted in 90 per cent to $27.83 million in October 2021 when compared with the latest number of October 2022.
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Cumulatively, the import of CBU cars plunged by 81 per cent to $23.72 million in first four months (July – October) of current fiscal year 2022-2023 as compared with $123.53 million in the corresponding period of the last fiscal year.
Total import of CBU vehicles recorded a decline of over 58 per cent to $89.66 million in first four months of the current fiscal year as compared with $216 million in the corresponding months of the last fiscal year.
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The import of motor cars in Completely Knocked Down (CKD) recorded an increase of 12.47 per cent to $103.47 million in October 2022 when compared with $92 million in September 2022. It decreased by 8 per cent when compared with $112.32 million in October 2021.
Cumulatively, the import of CKD cars recorded a decline of 31.55 per cent to $355.74 million during first four months of the current fiscal year when compared with $520 million in the corresponding months of the last fiscal year.
Overall import of CKD vehicles fell by 33.51 per cent to $507 million during the period under review when compared with $762 million in the same period of the last year.
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Pakistan raises Regulatory Duty to 100 % on motor vehicle import
Pakistan has increased the regulatory duty on imported motor vehicles from 90% to 100%. The decision, communicated through the issuance of SRO 1571(I)/2022 by the Federal Board of Revenue (FBR), comes as part of the government’s efforts to stabilize the balance of payments and manage the outflow of foreign exchange.
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Pakistan’s import of CBU motor cars surges by 21% in FY22
ISLAMABAD: The import of Completely Built Unit (CBU) motor cars into Pakistan has surged by 21 per cent in fiscal year 2021/2022.
According to data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the import of CBU motor cars increased to $310.41 million during fiscal year 2021/2022 as compared with $256.2 million in the preceding last fiscal year.
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In terms of rupee, the import of CBU motor cars posted a growth of 34.51 per cent to Rs54.67 billion during fiscal year 2021/2022 as compared with Rs40.65 billion in the preceding fiscal year.
The overall import of CBU vehicles registered an increase of 59.3 per cent to $616.39 million in the fiscal year under review as compared with $386.95 million in the preceding fiscal year.
The country imported CBU buses, trucks and other heavy vehicles worth $302 million and CBU motor cycles worth $4.12 million during the fiscal year 2021/2022.
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On the other hand the import of Completely Knocked Down (CKD) motor cars recorded a massive growth of 52 per cent to $1.7 billion during fiscal year 2021/2022 as compared with $1.12 billion in the preceding fiscal year.
The overall import of CKD motor vehicles recorded an increase of 54 per cent to $2.44 billion in fiscal year 2021/2022 as compared with $1.58 billion in the preceding fiscal year.
Analysts believed that the import of CBU and CKD motor vehicles would fall in the current fiscal year due to high interest rates, regulatory measures and significant rise in prices of raw material in the international market.
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Analysts believed that amid continuous decline of the local currency against greenback, further price hike in car prices is imminent. “This would be the first time where we have seen the highest frequency (4x) of price increases by the auto industry in a fiscal year,” analysts at Insight Research said.
The main reasons are higher freight charges, abrupt movement in PKR/USD followed by launch of new model cars with lower localization which further add fuel to the price hike.
The localization policy started in 1987 and continued till 2004, which required compulsory localization for the automotive industry. However, automobile assemblers are still behind the required level of localization.
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The major players including Indus Motors, Honda Car and Pak Suzuki have been assembling vehicles since 1992, but localization level of these assemblers are still very low despite their long presence in the market.
In such situation, it will difficult for new players to achieve high localization as older players are still far behind the required level of localization. Moreover, local auto parts manufactures are sensitive to PKR/USD parity as they are reliant on imported raw materials for production. Thus, making the end product expose to PKR devaluation.
The analysts said that higher interest rate environment, currency devaluation and auto financing hindrances may pose threat to demand going forward especially in low segment cars under 1000cc.
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Pakistan allows conditional import of CBU vehicles
ISLAMABAD: Pakistan has allowed conditional import of Completely Built Unit (CBU) motor vehicles, which have been banned through SRO 598(I)/2022.
The country on May 19, 2022 banned import of luxury and non-essential items in order to save foreign exchange and support the local currency, which depreciated massively.
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Through SRO 598(I)/2022 issued May 19, 2022, the ministry of commerce imposed ban on CBU vehicles which are importable under 49 tariff lines.
However, the ministry of commerce clarified that prohibition of import would not apply on import of CBU vehicles if the imports in Pak Rupee (PKR) or imports through barter mechanism by land routes.
The ministry of commerce on May 21, 2022 issued a press release stating that in order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit (CAD) during the first 10 month of the current FY-22, import of certain luxury and non-essential items has been prohibited, vide SRO 598(I)/2022 dated 19th May, 2022.
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However, to address the concerns of certain business quarters with regard to the implementation of the said SRO, it is clarified that in terms of proviso to the paragraph-4 of the Import Policy Order, 2022, the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(I)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.
Hence, imported goods for which B/L or irrevocable L/C was established prior to 19th May, 2022 shall not be subject to the prohibitions contained in the said SRO.
Moreover, the business community and the general public are invited to share their concerns, proposals or any anomalies with respect to the said SRO at [email protected].
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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.
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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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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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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
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Customs I&I to auction old, used vehicles on Nov 17
ISLAMABAD: Directorate General of Intelligence and Investigation (I&I) – Customs, Islamabad has announced to auction old and used importer motor vehicles on November 17, 2021, at State Warehouse G-12/4, Kashmir Highway, Islamabad.
The directorate to hold the auction of the following imported motor vehicles:
01. Toyota Vitz Car, model 2008, chassis No. KSP90- 0039537, engine capacity 997-CC
02. Toyota Vitz Car, model 2007, Chassis No. 5CP90- 5076423, engine capacity 1300-CC
03. Toyota Corolla-XE-Saloon Car, Model 2000, Chassis No. AE100- 5353956, Engine Capacity 1498-CC
04. Honda Civic Car, Model 2008, Chassis No. 1I-IMFD36208 S206782, Engine Capacity 1339-CC
05. Toyota Fielder Car, Model 2008, Chassis No. NZE141- 9083339, Engine Capacity 1500-CC
06. Toyota Aqua Car, Model 2012, Chassis No. NHP10- 6083712, Engine Capacity 1500-CC
07. Toyota Mark- X Car, Model 2005, Chassis No. GRXI21- 1007202, Engine Capacity 3000-CC
08. Toyota Vitz Car, Model 2003, Chassis No.SCP13-0022928, Engine Capacity 1300-CC
09. Toyota Corona Car, Model 2003, Chassis No. 513153-5BN00E052406, Engine Capacity 1990-CC
10. Toyota Hilux Surf, Model 2005, Chassis No. R2N215- 0003755, Engine Capacity 2696-CC
11. Toyota Premio Car, Model 2010, Chassis No. ZRT260- 3074708, Engine Capacity 1800-CC
12. Honda Cross Road Jeep, Model 2007, Chassis No. RTI-1000765, Engine Capacity 1800-CC
13. Toyota Fielder Car, Model 2005, Chassis No. NZE121- 0300935, Engine Capacity I500-CC
14. Toyota Corolla XE-Saloon Car, Model 1995, Chassis No. AE110-5041078, Engine Capacity 1500-CC
15. Honda Steed Bike, Model 1994, Chassis No. NC26-1152720, Engine Capacity 400-CC
16. Honda Magna Bike, Model 1996, Chassis No. MC29-1013493, Engine Capacity 250-CC
17. Suzuki Jimmy Jeep, Model 1998, Chassis No. 11333W-104476, Engine Capacity 1298-CC
18. Toyota Mark-X Car, Model 2005, Chassis No. GRXI20-0030320, Engine Capacity 2499-CC
19. Toyota Axio Feilder Car, Model 2009, chassis No. NZE4I- 9125000, engine capacity 1300-CC
20. Toyota Prernio Car, Model 2009, Chassis No. ZRT261- 3009948, Engine Capacity 2000-CC
21. Honda Accord CL9 24TL, Model 2004, Chassis No. CL9-105I264, Engine Capacity 2400-CC
22. Mitsubishi Pajero GDI, Model 2000, Chassis No. 1477W-0205412, Engine Capacity I998-CC
23. Toyota Hilux Surf, Model 1999, Chassis No. RZN185- 9032918, Engine Capacity 2700-CC
24. Toyota Mark- X Car, Model 2006, Chassis No. GRXI20- 3045127, Engine Capacity 2500-CC
25. Suzuki Swift Car, Model 2007, Chassis No. ZCI IS- 186101, Engine Capacity I300-CC
26. Toyota Premio Car, Model 2005, Chassis No. ZZT240- 5040333, Engine Capacity I800-CC
27. Suzuki Swift Car, Model 2016, Chassis No. ZC725-105019, Engine Capacity 1300-CC
28. FJ Cruiser Jeep, Model 2011, Chassis No. JTEBUI1F20K120095, Engine Capacity 4000-CC
29. Toyota Premio Car, Model 2005, Chassis No. ZZT240- 0107683, Engine Capacity 1800-CC
30. Toyota Vitz F Car, Model 2008, Chassis No. SCP90-2052650, Engine Capacity 1296-CC
31. Honda Cross Road Jeep, Model 2007, Chassis No. RT2-1006248, Engine Capacity 1800-CC
32. Honda Cross Road Jeep, Model 2009, Chassis No. RT2-100129I, Engine Capacity 1800-CC
33. Toyota Rav-4, Model 1994, Chassis No. SXA10- 0016495, Engine Capacity 2000-CC
34. Toyota Aqua Car, Model 2012, Chassis No. NHP10- 2117995, Engine Capacity 1500-CC
35. Toyota Royal Saloon Crown Car, Model 2008, Chassis No. GRS200-0013088, Engine capacity 2500-CC
36. Audi A6 Car, Model 2012, Chassis No. WAU7774G3CN008140, Engine Capacity 2800-CC
37. Toyota Land Cruiser, Model 1999, Chassis No. VZ595-0065049, Engine Capacity 3378-CC
38. Toyota Aqua Car, Model 2013, Chassis No. NHP 10- 2263906, Engine capacity 1500-CC
39. Toyota Axio Car, Model 2006, Chassis No. NZEI41- 6015245, Engine Capacity 1500-CC
40. Honda Civic Reborn Car, Model 2008, Chassis No. JHMFD36208S210839, Engine Capacity 1339-CC
41. Toyota Prado Jeep, Model 1999, Chassis No. VZJ95-0093170, Engine Capacity 3378-CC
42. Toyota Axio Car, Model 2006, Chassis No. NZE141-6002343, Engine Capacity 1500-CC
43. Toyota RAV-4, Model 1997, Chassis No. SXA16-0022402, Engine Capacity 2000-CC
44. Suzuki Alto Car, Model 2005, Chassis No. HA25V-709375, Engine Capacity 658-CC
45. Toyota Vita Car, Model 2003, Chassis No. SCPI3-0010053 Model I296-CC
46. Toyota Vitz Car, Model 2005, Chassis No. KSP90-5012239, Engine Capacity 1000-CC
47. Suzuki Swift Car, Model 2014, Chassis No. ZC725-307324, Engine Capacity 1300-CC
48. Toyota Hilux Pick Up, Model 2004, Chassis No. 11P135626400008531, Engine Capacity 2500-CC
49. Honda Civic Car, Model 2003, Chassis No. BSI-1400838, Engine Capacity 1493-CC
50. Mercedes Benz E-240 Car, Model 2002, Chassis No. WD82100622B482811, Engine capacity 2400-CC
51. BMW Car, Model 2002, Chassis No. WBADE210X0BM83270, Engine Capacity 1990-CC
52. Mercedes Benz Car, Model 1994, Chassis No. WD8I400322A114335, Engine Capacity, 3696-CC
53. Mercedes Benz Car, Model 1994, Chassis No. WDB2020182F044548, engine Capacity 3696-CC