Web Desk — It may be good news for small car users that the government has reduced customs duty on the import of equipment for small vehicle assembly. The revenue division’s notification in this regard has also been issued.<\/p>\n\n\n\n
According to the notification, the customs duty for the assembly kits of 1000cc cars or smaller engines has been reduced from 30% to 15%. Similarly, the customs duty on the imports of tire tubes has been reduced from 25% to 16%.<\/p>\n\n\n\n
At the same time, the government has reduced the customs duty for older models with similar engine displacements from 32.5% to 30%. The notification further added that the 15% concession was valid for three years and for the Engineering Development Board (EDB) certified new model cars only.<\/p>\n\n\n\n
The import sanctions on Completely Knocked Down (CKD) kits for local car assemblers have also been eased by the State Bank of Pakistan (SBP).<\/p>\n\n\n\n
The SBP, in an official notification, stated that the central bank has decided to undo the import restrictions from January 2, 2023. The main objective behind this decision is to allow for the acceptance of import transaction requests already filed with the SBP.<\/p>\n\n\n\n
Companies like Pak Suzuki, Kia Lucky, Prince, and other small car makers, with the removal of import sanctions and reduction of import duties on small cars, will now be able to reinvigorate their production and sales.<\/p>\n","protected":false},"excerpt":{"rendered":"
Web Desk — It may be good news for small car users that the government has reduced customs duty on the import of equipment for small vehicle assembly. The revenue division’s notification in this regard has also been issued. According to the notification, the customs duty for the assembly kits of 1000cc cars or smaller …<\/p>\n","protected":false},"author":1,"featured_media":3781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3780","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n