Now, it’s time to deliver what the government of Pakistan previously promised – to make it impossible for the customers to buy imported cars.
In a bid to control shattering economic charts, the incumbent government decided to ban the import of non-essential and luxury items. However, some international requirements urged the government to reverse its decision.
Last week, Finance Minister Miftah Ismail announced to end of the import ban on non-essential and luxury items, including imported cars (CBU). In a statement, he made it clear that government will import strict duties on non-essential and luxury items to control depleting foreign reserves.
Regulatory Duty Hike
As per reports, regulatory duties on cars larger than 1000cc are increased to 100 percent, which had previously been 15 percent. Meaning, duties imposed on CBU cars observed a hike of 85 percent. Resultantly, car prices would mark a new high – local market may witness a fresh price hike series.
The Federal Board of Revenue has issued SRO1571(I)/2022 under which the increased rate of regulatory duty would be applicable from August 22, 2022 to February 2023.
The recent regulatory duty hike will affect these cars, listed among the most famous imported vehicles in the country.
Toyota
|
Vehicles |
Current Price |
|
Corolla Cross Low Grade |
12,249,000 |
|
Corolla Cross Premium High Grade |
13,419,000 |
|
Corolla Cross Smart High Grade |
13,099,000 |
|
Prius S |
14,649,000 |
|
Rush G Manual |
8,329,000 |
| Rush G Automatic |
8,009,000 |
| Toyota Camry high Grade |
23,319,000 |
Honda
|
Vehicles |
Current Price |
|
Jimny |
6,049,000 |
|
APV |
6,290,000 |
MG
|
Vehicles |
Current Price |
|
HS 1.5T |
8,900,000 |
|
HS PHEV |
8,499,000 |
| ZS 1.5 |
4,399,000 |
|
ZS EV Luxury |
6,250,000 |
KIA
|
Vehicles |
Current Price |
|
Carnival GLS |
10,199,000 |
|
Carnival GLS+ |
12,599,000 |
|
Carnival Executive |
12,600,000 |
Hyundai
|
Vehicles |
Current Price |
|
IONIQ GLS |
7,000,000 |
|
Staria 3.5 Automatic |
7,199,000 |
|
Staria 2.2D Manual |
7,749,000 |
|
Staria 2.2D Automatic |
7,349,000 |
|
Staria HGS |
9,299,000 |
|
Santa Fe GLS |
18,500,000 |
Suzuki
|
Vehicles |
Current Price |
|
Honda CR-V 2.0 CVT |
10,700,000 |
|
Accord 1.5L VTEC Turbo |
15,499,000 |
Additional Custom Duty
The FBR has also imposed 35 percent additional custom duty on the vehicles falling under the following PCT codes:
- 2323 — Sport utility vehicles -SUVs 4×4
- 2329 — Sedans and Hatchbacks)
- 2490 — diesel-powered vehicles
- 3223 — CKD or SKD kits for SUVs
- 3225 — all-terrain vehicles (4×4)
- 3229 — Commercial vehicles
- 3390 — Other vehicles with internal combustion engines or electric motor
- 9000 — Vehicle included the SRO.1517(I)/2022
What do you think about recent hike observed in regulatory duty? Drop your thoughts in the comment section.
A mistake here, with Suzuki and Honda name, they aren’t framing their chart.
Ain’t Mg started the assemble of HS ? They are still importing ? they aren’t serious at all.
Hyundai should stop importing Staria, it was a big mistake with the Carnival available on the Market. They better launch the Palisade.
Now Dollar is going high because of the UAE Government set a regulation only for Pakistanis on arrival they must have Dharam’s 5000 . UAE want to invest in Pakistani Sovereign Equity so they want to raise their currency parity so they will get huge discount on buying our National Assets owner equity . Eventually it impacted our Rupee Dollar parity .