Budget 2024: Big news for imported cars seekers

ISLAMABAD: The federal government is considering a proposal to increase the regulatory duty on used imported vehicles, ARY News reported.

According to the details, the federal budget for the next financial year will be presented on June 12 in which regulatory duty on imported used vehicles is likely to be increased.

According to sources, the regulatory duty on vehicles larger than 1800 cc is expected to be rise by 30 percent while the duty on large vehicles is likely to increase from 70 to 100 percent.

A 15 percent duty may be imposed on used vehicles up to 1800cc while new and old hybrid vehicles up to 1800cc may continue to enjoy zero duty.

It is feared that imported used vehicles will become more expensive in the country

Read More: Additional tax on sale of imported cars proposed

Earlier, the Overseas Investors Chamber of Commerce and Industry (OICCI) proposed the federal government not to exempt imported used cars from regulatory duty and additional customs duty.

According to the details, the OICCI submitted budget proposals to the federal government in which it asked the centre to continue collecting regulatory duty and additional customs duty on imported used cars.

The OICCI maintained that the proposal aimed at discouraging the import of used cars and protecting the local automobile industry.

“The influx of used cars is affecting the sales of locally manufactured cars,” the OICCI viewed.