[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pakistan’s auto industry is advising the government to enhance duties and taxes on imported pre-owned cars in the federal budget for the upcoming fiscal year 2024-25. Furthermore, they advocate for a complete prohibition on non-filers purchasing cars.
They also urge for a transparent process for overseas Pakistanis to import used cars, ensuring they are solely for personal use. Ali Asghar Jamali, CEO of Indus Motors Company, conveyed that manufacturers have submitted their budget proposals, estimating an additional 60 to 70 billion rupees in tax revenue if adopted.
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Jamali stressed the need for increased duties and taxes on imported used cars to ensure the local industry benefits from economic improvements like stable exchange rates and lower interest rates.
Vehicle sales surged by 28% in February 2024, but used car imports saw a staggering 711% increase, posing challenges for the local industry. The Chairman of the Pakistan Auto Parts Manufacturers Association emphasized the industry’s significant contributions, despite facing stiff competition from used car imports.
Jamali emphasized the importance of a transparent import process for used cars, limiting imports to genuine family needs. He highlighted the damage to foreign exchange reserves caused by large-scale used car imports and urged the government to rationalize import taxes to safeguard local manufacturers and jobs.[/vc_column_text][/vc_column][/vc_row]
