LAHORE: Lahore Chamber of Commerce Industry Executive Committee Member and Convener Standing Committee on Customs Affair Mohammad Nadeem lauded reduction in customs duty approved for new model vehicles certified under engineering development board for three years.
In a statement, Nadeem said that the reduction in the duty of small cars and equipment would help run the wheels of the economic activities besides small cars would enable the people with low income to have their own transport for safe traveling.
He said normally people have to travel by motorbikes in awkward positions risking their lives.
He said that the government should immediately implement the decision so people at large could benefit from the decision.
As per a notification, Customs duty on the import of equipment for manufacturing 1000cc new model cars has been reduced by 15 percent while it has been reduced by 16 percent from the previous 25 percent, according to the notification.
Customs duty on the import of equipment for manufacturing 1000cc old model cars has been brought down to 30 percent from 32.5 percent.
The reduction in the rate of customs duty has been approved for new model vehicles certified under the engineering development board for three years, according to the notification issued from the revenue division.
