will car prices decrease in pakistan in 2023 ?
Prices of imported cars up to 1800cc will fall after the removal of the 100% duty tax.
Pakistan has made a crucial decision to eliminate regulatory tariffs on imported old cars with displacements of up to 1,800cc and to lower duty rates on a variety of commodities, including new cars and mobile phones. This action follows the government's prior tactic of substantially taxing imports, which had little effect on revenue but significantly harmed the country's enterprises.
The decision was made when the chairman of the Tariff Policy Board refused to prolong two Statutory Regulatory Orders (SROs) that expired on March 31st.
As a result, consumers will be able to purchase new and old automobiles, high-tech mobile phones, home appliances, meat, fish, fruits, vegetables, footwear, furniture, musical instruments, dog and cat food, and ice cream. The regulatory duty on secondhand cars with displacements of up to 1,800cc has been totally eliminated, offering great relief to consumers.
However, new cars in this category will still be subject to a 15% regulatory duty, in addition to other taxes. Mobile phone duty charges have also been cut in half across the board.
This decision is likely to help around 500 to 700 imported cars of various engine capacities that are now stranded at ports due to a lack of foreign currency. While new cars with displacements greater than 1,800cc will continue to have low regulatory duty rates, additional custom duties on these vehicles have been eliminated, resulting in significant price reductions.
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