ISLAMABAD – The Pakistani auto market saw an uptick in the imports of used cars and it creates healthy competition while local automakers suffer. Pakistani car importers and buyers are now bracing for price hikes after recent proposal.
As the government is looking to increase revenue, the Overseas Investors Chamber of Commerce and Industry (OICCI) proposed to the federal government to impose regulatory duty and additional customs duty.
In budget proposals, the country’s chamber for foreign investors suggested that these duties should continue to be levied to discourage the import of used cars and protect the local automobile industry.
It mentioned that rise of imported cars is denting sales of locally manufactured cars, and recommended imposing additional taxes on cars imported under schemes for overseas Pakistanis to prevent misuse of these concessions for commercial purposes.
OICCI further called for policies that prioritize the long-term interests of the economy and pushed for measures to regulate the import of used cars.
Two years back, Pakistani government made amendments in Import Policy 2022 to ease restrictions on the import of used cars, allowing import of used cars with mileage of up to 2,000 kms, up from the previous limit of 500 kilometers.
Imported Cars in Pakistan
Several imported cars gained popularity for their quality, features, and performance. Toyota Vitz remained one of the famous compact size car known for fuel efficiency, and latest features.
Honda Fit, Toyota Prius, Suzuki Alto Japanese, Land Cruiser, BMW 3 Series, Toyota Aqua some of the famous cars.
