In the latest development, Government is considering to allow duty-free import of hybrid and electric vehicles for overseas Pakistanis.
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According to information, Pakistanis living around the world will be able to import one hybrid car (tax free) upon presenting proof of remitting $100,000 using legal banking channels within two years. The move will not only benefit the overseas Pakistanis but will also help improve foreign exchange reserves in the country which is currently facing severe financial crisis.
However, the initiative, prepared by the Ministry of Overseas Pakistanis and Human Resources Development (MOPHRD) is yet to get approval and has been forwarded to the Ministry of Industries & Production (MoIP) and Engineering Development Board (EDB) for their opinion to formally grant Foreign Exchange Remittance Card (FERC) holders the privilege to avail the duty-free vehicle import.
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According to the proposal letter:
“Duty-free import of one hybrid car up to 3000cc to Foreign Exchange Remittance Card (FERC) holders, who remit $100,000 over a period of two years.”
Following instructions from the Prime Minister Imran Khan’s Delivery Unit, various departments have been requested to put up their concessional proposals which they could offer to the expatriated Pakistanis.
The Ministry of Overseas Pakistanis is currently in the process of developing a list of major concessions and incentives while the departments had been requested to submit their comments on the proposal at the earliest so that the Ministry could prepare the final list in a stipulated time as advised by the Prime Minister’s office.
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Syed Zulfiqar Bukhari, Special Assistant to the Pakistan Prime Minister for Overseas Pakistanis also tweeted in support the proposal.
In recognition of our #OverseasPakistanis who use banking channels to send money back home,my ministry has proposed to reward them for their contribution to the national exchequer. I will be backing this initiative with full force so in time we can kill the menace of hundi/havala pic.twitter.com/zSlk6AajvO
— Sayed Z Bukhari (@sayedzbukhari) November 26, 2019
Currently under different schemes (gift/ baggage/ transfer of residence), Pakistani expatriates are allowed to import a car of up to three years old and an SUV up to five years old by paying hefty Customs duties ranging from 60% to more than 100% of the value of the vehicle they import. However, very few people import cars due to very high customs duties.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
