Government Announcess Duty Relief on Imported Vintage Cars |

Govt Announcess Duty Relief on Imported Cars

The Economic Coordination Committee as just lately reported a Rs.90 billion alleviation bundle for exporters and auto shippers. This included consent to import 50-year-old vintage autos and duty-free import of autos up to 1,600cc.
The Federal Board of Revenue (FBR) has at long last allowed an exception of duties on imports of vintage autos and jeeps that are in an overabundance of $5,000 per unit.
The FBR issued SRO 823(1)/2018, which proclaims that vintage or exemplary autos and jeeps have been exempted from a wide range of duties. These autos won’t be charged any of the accompanying tax

Customs duty,
Additional customs duty,
Regulatory duty,
Sales tax,
Federal excise duty,
Withholding tax.
The SRO includes,

The Federal government is satisfied to have absolved vintage or exemplary autos and jeeps implied for transport of people on the import thereof from such a large amount of the customs duty, administrative duty, extra customs tax, elected extract tax, deals and sales duty and withholding charge as are in overabundance of the total measure of U.S. dollars five thousand for each unit.

The SRO additionally says,
With the end goal of this Notification, vintage or celebrated autos and jeeps mean that old and utilized car vehicles will be falling under PCT Code 87.03 of the First Schedule to the Customs Act, 1969 (IV of 1969), fabricated before the first January 1968.