Regulatory Duty increase Will Affect These Imported Cars Price The Federal Board of Revenue Pakistan has issued SRO1571 (I) /2022 under wh...
Regulatory Duty increase Will Affect These Imported Cars Price
The Federal Board of Revenue Pakistan has issued SRO1571 (I) /2022 under which the increased rate of regulatory duties would be applicable from Aug 22, 2022, to Feb 2023.
As per initial reports, regulatory duties on cars bigger than 999cc are increased to 100%, which had previously been 15%, meaning duties levied on CBU observed a hike of 85%. Resultantly, car prices would mark a new high – the local market may witness a fresh price hike
Last week or so Finance Minister Miftah Ismail announced to end/abort the import ban on non-essential and luxury items, including imported vehicles (CBU). In an interview, he made it clear that government will import strict duties on non-essential and luxury items to control depleting foreign reserves.
Regulatory Duty Hike/increased
In a bid to control shattering economic charts, the present government has decided to ban the import of non-essential and luxury items. nevertheless, some international requirements have urged the government to reverse its decision
The recent regulatory duty increase will affect these cars, among the most famous CBU imported cars in the country.
An increase in the price will directly affect the operations of the companies like thrifty Pakistan. which are dependent on imported cars
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Additional/Extra Custom Duty
The federal board of revenue has also imposed 35% additional customs duty on the cars under the following PCT codes:
2323 — Sport utility vehicles -SUVs 4×4
2329 — Sedans and Hatchbacks)
2490 — diesel-powered vehicles
3223 — CKD or SKD body parts for SUVs
3225 — all-terrain vehicles (4×4)
3229 — Commercial vehicles
3390 — Other cars with combustion engines or electric motor
9000 — Vehicle included the SRO.1517(I)/202
Toyota
Vehicles Current Price
Toyota Camry high Grade 23,319,000
Prius S 14,649,000
Rush G Automatic 8,009,000
Rush G Manual 8,329,000
Corolla Cross Premium High Grade 13,419,000
Corolla Cross Low Grade 12,249,000
Corolla Cross Smart High Grade 13,099,000-
Honda
Vehicles Current Price
APV 6,290,000
Jimmy 6,049,000
MG
Vehicles Current Price
ZS EV Luxury 6,250,000
HS PHEV 8,499,000
HS 1.5T 8,900,000
ZS 1.5 4,399,000
KIA
Vehicles Current Price
Carnival GLS+ 12,599,000
Carnival Executive 12,600,000
Carnival GLS 10,199,000
Hyundai
Vehicles Current Price
Staria HGS 9,299,000
Santa Fe GLS 18,500,000
Staria 2.2D Automatic 7,349,000
Staria 2.2D Manual 7,749,000
Staria 3.5 Automatic 7,199,000
IONIQ GLS 7,000,000
Suzuki
Vehicles Current Price
Accord 1.5L VTEC Turbo 15,499,000
Honda CR-V 2.0 CVT 10,700,000
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