The government of Pakistan will import 2,200 luxury vehicles in the first half of this financial year despite being heavily debt-ridden and struggling with strict foreign exchange control, reported Dawn. The country is facing severe difficulties in regards with even the basic consumer items and industrial goods.
Also Read: BS6 Emission Norms Phase II - Car Prices to Rise from April 2023
The strict foreign exchange control has resulted in piling up of containers with different commodities and products which has reached 8,500 at various ports in Pakistan. As per the data accessed from the custom department, over 95 percent of the containers at ports are held due to the non-opening of letters of credit (LCs).
The data further states that Pakistan imported 193 new cars in the first months which included 25 units in the 1,000-1,800cc segment while four were above 1,800cc during the period under review. Moreover, as many as 164 luxury EVs were brought to the country through the import route between July and December 2022. Pakistan spent a huge sum of around several hundred billions on the import only to get benefitted by duties and other taxes amounting to nearly Rs 2 billion.
The most significant surge was witnessed in the import of three years old luxury vehicles in the first six months of the present financial year with as many as 1,990 units being imported during July-December 2022. The government allows these imports only for overseas citizens of Pakistan. But it was learnt that it was heavily misused by importers by paying upto Rs 10 million to passport holders for the import of SUVs.
Read all the Latest Auto News here