ISLAMABAD: Customs duty on import of used vehicles has been increased up to ten per cent in the Budget 2014-15 as presented by the Finance Minister Ishaq Dar.
The new rates of customs duty on the import of used vehicles as issued in the Finance Bill 2014-15 are increased from $ 4400 to $ 4800 on import of used vehicles up to 800cc; from $ 5500 to $ 6000 on import of used vehicles from 801cc to 1000cc; from $ 11,000 to $ 12,000 on import of used vehicles from 1001cc to 1300cc; from $ 15,400 to $ 16,900 on import of used vehicles from 1301cc to 1500cc; from $ 18,700 to $ 20,500 on import of vehicles from 1501cc to 1600cc; and customs duty has been increased from $ 23,100 to $ 25,400 on import of used vehicles from 1601cc to 1800cc.
These rates have been specified for Asian makes only but excluding jeeps.
Last year, the exemption of duty and taxes was restricted up to 2500cc which resulted in negligible import of HEVs above 2500cc. Therefore, it is proposed that the concession on imports of HEVs may be further rationalised.
