General Motors (GM) has taken a significant leap into the future of in-car entertainment with its latest innovation—a patent for a holographic display system.
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How to React When Your Car Engine Suddenly Fails
Experiencing an unexpected engine failure while driving can be a daunting experience for any driver. The sudden loss of power can significantly impact your ability to control the vehicle, making it crucial to remain calm and follow these essential steps to ensure safety.
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Pakistani Car Prices Rise Following Withholding Tax Revision
Recent adjustments to Pakistan’s withholding tax structure for automobiles have triggered price increases for several popular SUVs, including the MG HS and DFSK Glory 580 Pro.
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Driving Safely in Pakistan’s Monsoon Season: Essential Tips
With the pre-monsoon showers already gracing Pakistan, it’s time for drivers to gear up for the challenges the season brings. While the rain brings relief from the scorching heat, it also transforms roads into potentially hazardous landscapes.
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Excise Department Cracks Down on Illegal Car Modifications
The Excise and Taxation (E&T) Department has ramped up its crackdown on illegal car modifications, specifically targeting vehicles with tinted windows and unauthorized number plates.
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Essential Car Maintenance Guide for Vehicle Owners
PkRevenue.com – Owning your first car is an exciting milestone, but it also comes with the responsibility of proper maintenance to ensure longevity and reliability.
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Sukkur Customs to auction Toyota, Suzuki cars on November 25, 2022
KARACHI: The Customs Collectorate, Sukkur has announced auction of Toyota and Suzuki cars to be held on November 25, 2022 at state warehouse of the Collectorate.
The Collectorate will present following cars for the auction:
READ MORE: Pakistan car imports surge by 108pc as restriction eases
01. Suzuki Kie Car, bearing Registration No. Without Number, Chassis No.HZ22S-675401, Engine No.K6A, Model 2006.
02. Toyota Aqua Car, bearing Registration No.BJU-862, Chassis No.NHP10-6298404, Model 2014 and Engine Capacity 1490 CC.
03. Toyota TZ Prado Jeep, bearing RegistrationNO. BD-8408 (Sindh), Chassis No. JTEBU25J005029572, Model 2005 (as per Japanese website) and Engine Capacity 4000 CC.
READ MORE: Hyderabad Customs auctions NDP vehicles on November 24, 2022
04. Toyota Prius Car, bearing Registration No.BGH-417, Chassis No.ZVW30-1358220, Engine No.2ZR-1230757, Model 2011 and Engine Capacity 1797 CC.
05. Toyota Corolla Fielder Car, Bearing Reg. No.AWV-301, Chassis No. NZE121-3384931, Engine No. 1NZ-CO15985, Model-2006 Engine Capacity 1500 CC.
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06. Toyota Axio Saloon Car, bearing Registration No.AXJ-090, Chassis No .NZE141-6015839, Engine No. 1NZ-C484965, Model 2009 and Engine Capacity 1490 CC. (As per Running Page).
07. Toyota Prado Jeep, bearing Registration No.BD-9322, Chassis No.PZJ77-0003273, Engine No.0990115, Model 1995 and Engine Capacity 3469 CC.
08. Toyota Corolla Fielder Car, Bearing Reg. No.BPU-210, Chassis No. ZZE122-0010909, Engine No. IZZ-FE, Model 2000 and Engine Capacity 1800 CC.
09. Suzuki Swift Car, Bearing Reg. No. LED-1475 (Punjab), Chassis No. ZC11S-107422, Model-2004, (as per Japanese website) and Engine Capacity 1298 CC.
READ MORE: Toyota reveal bZ Compact SUV Concept model
10. Toyota Prius Car, Bearing Reg. No.BHY-179, Chassis No. ZVW30-1121053, Engine No .2ZR-3JM5860700, Model-2014 Engine Capacity 1800 CC.
11. Suzuki Swift Car, bearing Registration No. QBA-1675, Chassis No .ZC11S-119082, Model 2004 and Engine capacity 1300 CC.
12. Toyota Premio Car, bearing Registration No.BEZ-654 (Sindh), Chassis No. AZT240-0021231, Model 2005-06 (as per Japanese website) and Engine Capacity 2000 CC.
13. Suzuki Swift Car, bearing Registration No.AZK-119, Chassis No .ZC11S-157917, Engine No. M13A, Model 2009 and Engine Capacity 1248 CC.
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FBR slaps additional customs duty at 35% on motor vehicles
ISLAMABAD: The Federal Board of Revenue (FBR) has imposed additional customs duty at the rate of 35 per cent on import of motor vehicles under various HS Codes.
The FBR issued SRO 1572(I)/2022 dated August 22, 2022 to notify amended rates of additional customs duty on import of various items. Through the instant SRO, the revenue body amended SRO 967(I)/2022 dated June 30, 2022.
According to the latest SRO 1572(I)/2022, the FBR said thirty-five per cent additional customs duty on vehicle falling under PCT codes 8703.2323, 8703.2329, 8703.2490, 8703.3223, 8703.3225, 8703.3229, 8703.3390 and 8703.9000.
The FBR said that the notification would take effect on and from August 22, 2022 till 21st day of February 2023.
Through previous SRO 967(I)/2022 the additional customs duty was imposed at 2 per cent on cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 CC and heavy commercial vehicles in CKD condition.
The FBR imposed the additional customs duty in order to discourage luxury imports into the country in order to save foreign exchange.
It is worth mentioning that the government on May 19, 2022 through imposed a complete ban on import of luxury and non-essential items in order to stop depletion in foreign exchange reserves as well as stop free fall in rupee value.
READ MORE: Pakistan lifts ban on import of cars, phones, luxury items
However, on August 20, 2022, the government reversed its decision and allowed import of luxury and non-essential items despite the fact the foreign exchange reserves were declined drastically and the rupee value also registered massive fall against the US dollar.
Alternate to allowing import of luxury and non-essential items, the government increased regulatory duty and additional customs duty on import of various goods.
READ MORE: Pakistan raises Regulatory Duty to 100 % on motor vehicle import
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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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Super tax to hammer auto business in Pakistan: Honda Atlas
KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday said that super tax to hammer the already thin margins of the auto business in the country.
The company in its detailed financial report said: “The imposition of Super Tax will further hammer the already thin margins of auto business.”
The company said that the automobile industry is considered as one of the key sectors for rapid transformation of the economy.
READ MORE: Suzuki Motors warns plant shutdown in Pakistan
Likewise, the automobile industry of Pakistan epitomizes considerable growth, capacity building and technological prowess.
“The current state of auto sector, however, has matured differently through the quarter under review. Adverse USD/PKR exchange rate parity and global supply glitches continue to undermine the Industry’s potential throughout,” it said.
Moreover, the fiscal measures adopted by the State Bank of Pakistan (SBP) for the management of foreign reserves has unavoidably impacted the import and production schedules lately.
READ MORE: Indus Motors rebuts plant shutdown reports
Rupee devaluation has approached an alarming level under the vague economic and political direction; further aggravating the situation.
“Resultantly, the car customers are facing delays in delivery, hikes in prices and temporary non- availability of some car variants,” the company said.
Honda Atlas Cars said during the period under review, the sales and production of the four-wheeler segment have not been up to the Industry’s expectation owing to curbed auto lending, escalating inflation and soaring fuel prices.
The overall industry production for the three months ended June 2022 remained 71,745 units in comparison with 53,915 units a year ago while car sales were observed at 73,815 units against 46,679 units during the same period.
READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation
The company produced 9,324 units against 7,826 units and sold 9,446 units as compared to 7,598 units in the same period of last financial year.
The recently approved Federal Budget 2022-2023 also poses tough times ahead for the auto industry. Amid negotiations with International Monetary Fund (IMF), to release the bailout package, the Government had to enforce stringent stabilization measures. Accordingly, the purchase of automobiles with engine capacity exceeding 1300CC has now been subject to 1 per cent of Capital Value Tax (CVT).
The advance tax on vehicles with engine capacity above 1600CC has also been significantly increased.
These revenue measures by the Government will further burden the customers, which may affect the Industry’s sales volume.
READ MORE: Toyota lowers July production in Japan
The imposition of Super Tax will further hammer the already thin margins of auto business.
The auto industry may experience a further slowdown in anticipation of price revision and rising interest rates.
Ranging from raw material sourcing to management of stable commodity pricing and customary lead time, the automobile industry is currently in the midst of multiple challenges.
During the quarter, the OEMs have managed to avoid potential shut down of production due to relatively higher stock levels. This led to improved financial results for the 1st quarter of the new financial year.
During the three months ended June 30, 2022, the Company achieved net sales revenue of Rs 30,246 million as compared to Rs 21,765 million in the corresponding period last year.
Higher production volumes with better overhead absorption helped to generate gross profit of Rs 1,915 million against Rs 1,595 million, a year ago. The selling and administrative expenses were increased to Rs 575 million against Rs 363 million.
Other income improved to Rs 526 million against Rs 335 million owing to customers’ confidence on the Company’s products and better funds management; benefited by increased interest rates.
The Company posted Rs 1,094 million as profit before tax in comparison to Rs 1,364 million. After statutory tax adjustments, including super tax provision, the net profit for the three month period ended June 30, 2022 came out Rs 658 million as compared to Rs 928 million of the corresponding period last year.
The earning per share remained Rs 4.61 against Rs 6.50 for three months of the last year.