ISLAMABAD: The International Monetary Fund (IMF) has allowed the Ministry of Commerce to import of five-year-old vehicles.
During a meeting of the Senate Standing Committee on Finance, officials from the Ministry of Commerce briefed on the import policy, stating that from September 2025, the import of five-year-old vehicles will be allowed. A 40 percent additional duty will be imposed on such vehicles.
According to the officials, the restriction on importing three-year-old vehicles for individual or commercial use has been lifted.
From the fiscal year 2027, the import of vehicles up to seven years old will also be permitted. Starting from FY 2027, the additional duty will gradually be reduced by 10pc each year.
Officials further stated that after FY 2027, the additional duty on imported vehicles will be abolished, and only normal duty will apply.
Vehicles brought under the baggage scheme will not be subject to the 40pc additional duty. To avail the baggage facility, a 700-day overseas stay limit will be required, the officials said.
