Pakistan withdraws customs duty exemptions on hybrid vehicle imports starting fiscal year 2024-25. Aim is to promote local automotive manufacturing and reduce dependency on imports.
Duty and tax concessions on luxury electric vehicles valued at $50,000 or more also eliminated. Importers of luxury electric vehicles to pay duties and taxes at normal rates. Expected impact: increased cost of imported hybrid and luxury electric vehicles. Anticipated boost to local automotive industry by encouraging domestic production.
Mixed reactions from industry experts: support for local manufacturing vs. concerns over higher consumer prices. Focus on balancing support for local industries with consumer affordability in the evolving automotive market.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
