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15/08/2022

Big news for car buyers!

01/08/2022

Due to Political instability, economical crisis, and the dollar getting new heights every day, the situation for the local car industry has gotten worse as not any news is appreciable coming from this sector.

Due to this, companies are suspending bookings The auto industry was the focus of discussion during Public Accounts Committee (PAC) last week. During the meeting, the PAC was informed that Rs. 189 billion have been deposited by customers as advance payment to 10 car companies.

Breakdown of this huge payment:-
⦁ Toyota Indus Motors (IMC) – Rs99.2 billion
⦁ Pak Suzuki Motors Company Ltd (PMSCL) – Rs. 35.4 billion
⦁ Honda Atlas Cars (HACL) – Rs. 21.8 billion
⦁ Master Changan Motors – Rs. 11 billion
⦁ Kia Lucky Motors – Rs. 10.6 billion
⦁ Hyundai Nishat Motors – 6.9 billion
⦁ Al-Haj Automotive (Proton Pakistan) – Rs. 1.7 billion
⦁ Ghandara Nissan Limited (GNL) – Rs. 1.6 billion
⦁ Sazgar Engineering Works Limited (SEWL) – Rs. 0.7 billion
⦁ Regal Automobile – Rs. 0.3 billion

Hopefully, we get to hear good news from the auto sector and we get out of this Chaos as well as production and deliveries would resume.

21/05/2022

Why is the government banning import of automobiles when there is a trade surplus because of automobiles!
Just take a look at some of these examples of high duties that buyers have been paying all these years and giving a huge collection go Custom department!

SRO 598(I)/2022 issued on 19th May 2022
BAN On Used CBU units of Automobile.
The ban stated by the Government of Pakistan is on basis that trade deficit is being incurred in the GDP. Since the import policy of pakistan states that Automobiles can be imported only by Pakistanis residing overseas. Under 3 schemes.

1. Personal Baggage
2. Gift Scheme
3. Transfer of Residence

This means that money $ 💵 of overseas Pakistanis has to come to Pakistan in order to pay duty/ taxes.

In this post you will find 5 example of luxury cars that have been imported in the fiscal year 2022. When the difference is calculated surprisingly there is a trade surplus.
So, why has the import of automobiles been banned when the automobile trade is resulting in trade surplus.


Via COP