Govt Greenlights Import of vehicles up to 5 years

• Additional 40% duty protection to be imposed on such vehicles.
• It will be limited to 50% from the previous average of 90%.
• Extension of the year of admission year to take effect from 1 September.

Islamabad: Prime Minister Shehbaz Sharif, the government led by Sharif, has allowed the commercial introduction of old, used vehicles up to five years from today’s three -year vehicles, The news reported on Saturday.

The development comes after the Senate meeting on the permanent Committee on Finance under the chairmanship of Salem Mandviwalla Senator, where Jawad Paul has informed the Senate Committee that the period for the introduction of old/used vehicles in the framework of the Luggage Plan did not change and the overseas. System, adding that from 1 September, the commercial import of five -year vehicles will be permitted.

However, there will be additional 40% invoice protection in such vehicles in 2025-26, as the invoice would be limited to 50% from the previous 90% invoice.

In the next four years, the 40% additional import invoice will be transferred to zero for the import of used and old vehicles. In the future, it will also be allowed to import six to seven years of vehicles. The quantity and standards will be maintained to ensure that old and used vehicles do not cause environmental problems in the country.

Mandviwalla said that the same five -year period should apply to the import of vehicles within the luggage system as well as commercial imports.

The government should give the same treatment to the overseas Pakistanis and commercial importers for the import of vehicles, he added. The trade secretary said the gift program was used to introduce old and used vehicles.

Meanwhile, the permanent committee on finance and revenue of the National Assembly met under the chairmanship of Syed Naveed Qamar, which approved the increase of 10 million Rs on the tax net with 5%.

The NA team also approved amendments proposed on income tax on the seventh timing, which provides special treatment for the banking sector.

FBR has proposed five amendments to reject banks from incorporating expenses from paying taxes, including banking banking and progress on non -performance loans.

It is advisable to know that the country intends to increase the construction of electric vehicles (EV) to 2.2 million units over the next five years, mainly electric motorcycles.

Recently, the Standing Committee on Finance of the National Assembly, as mentioned by the publication, was informed that a three -level contribution structure would be implemented: 1% for new car purchases up to 1300cc, 2% between 1301 and 1800cc and 3% for those above 1800cc. When members of the committee learned that these charges were left out of the official funding bill of 2025-2026, they were overwhelmed.