Thursday, August 11, 2022

Amnesty scheme to allow import of five-year-old used cars on the cards

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LAHORE: The government is mulling over a proposal to introduce an amnesty scheme in the next budget for allowing the import of five-year-old used cars, ARY News reported.

Sources having knowledge of the matter relayed that the age limit for the import of used vehicles will be increased from the current three years to five years under the proposed scheme.

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The existing scheme allows the import of only three-year-old used vehicles.

The common man will financially benefit from the import of used cars, the sources within the Federal Board of Revenue (FBR) said.

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It is noteworthy that the Federal Board of Revenue (FBR) has fixed Rs5,829 billion tax collection target for the fiscal year 2021-22. Sales tax collection target has been set at Rs2,506 billion, sources said.

The tax body has set the income tax collection target at Rs2,182 billion. The target for federal excise duty collection will be Rs356 billion, customs duty collection target Rs785 billion while growth target for income tax collection has been predicted at 22% and growth target for sales tax collection has been fixed at 30%.

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