The federal government is considering imposing restrictions on the sale of imported old vehicles in Pakistan for up to three years in the next fiscal year’s budget.
Sources said that Prime Minister Shehbaz Sharif recently in a meeting directed the Federal Board of Revenue (FBR) to control the massive misuse of personnel baggage schemes, transfer of residence, and gift schemes on the import of old and used vehicles.
Sources said that the personnel baggage scheme, transfer of residence, and gift scheme are reportedly misused on the import of old and used vehicles.
The PM directed the member customs policy, FBR to ensure implementation of the import policy on the import of old and used vehicles in spirit.
It is expected that a major policy change will be made by restricting local sales of imported old vehicles in Pakistan for a period of three years.
The FBR will also propose legal changes to ensure that commercial importers remain unable to misuse the passports of overseas Pakistanis. The vehicles are imported in the name of overseas Pakistanis under the baggage scheme and immediately sold in commercial markets.
Under the law, overseas Pakistanis are entitled to import vehicles under the personnel baggage scheme, transfer of residence, and gift scheme who have not imported, gifted, or received a vehicle during the last two years under the Import Policy Order (IPO), 2022.
Finance Bill 2024 is expected to check misuse of the policy on the import of old and used vehicles, sources added.
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