Connect with us

Hi, what are you looking for?

Economy

Dollar-starved Pakistan allows 2200 luxury vehicles import

ISLAMABAD: The government allows the import of 2,200 luxury vehicles in the first six months of the current fiscal year. While its pertinent to indicate that the country has in place strict foreign exchange control even for imports of essential consumer items and industrial goods.

The Stranded containers

On the other hand almost 8,500 containers stood stranded due to forex control at the country’s seaports in the first half of current fiscal year. The customs data suggests over 95pc of 8,500 containers as held up due to the non-opening of LCs.

These containers carry consumer goods, industrial goods, pharmaceuticals and perishable products, while imports of used luxury cars are swiftly clearing at ports.

the Bulk of Luxury Cars

According to the data released, the import of new cars stood at 193 vehicles. While 164 luxury electric vehicles were imported between July and December 2022. The import figure surged from the import of 1900 three years old luxury vehicles between the same period.

Of these only 25 vehicles falls within the category of 1,000-1,800cc while four vehicles above 1,800cc during the period under review.

The Silver Lining

While the country spent hundreds of billions of rupees on the import of these vehicles. The only benefit government received from these imports is in the shape of duty and taxes amounting nearly Rs2 billion.

The import of these vehicles is allowed only for overseas Pakistanis, but this facility is being misused by importers who pay up to Rs10m in the case of SUVs to passport owners.

the period under Review

Although the bulk of 1,450 used vehicles was imported in the category up to 1,000cc. While 370 vehicles between 1000-1800cc were imported. Only 20 luxury electrical vehicles were imported during the period under review.

The revenue collection on import of used vehicles stood at Rs7bn during the first half of the current fiscal year.

Written By

National

The Motorway Police have announced the closure of all motorways starting tonight at 8 PM, citing maintenance work as the primary reason. However, reports...

Exclusive

Karachi: Karachi Traffic Police have issued a traffic plan to manage the expected surge in traffic during the IDEAS 2024 defense exhibition, which will...

Crimes

Sialkot police arrested a woman and her accomplices on Sunday for the alleged murder of her pregnant daughter-in-law, whom they suspected of practicing witchcraft....

Bitcoin & Cryptos

Renowned Pakistani cryptocurrency expert Waqar Zaka recently claimed to have turned a $1,000 investment into an astonishing $40,000 in just two hours. His achievement...