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.