Thursday, 29 February 2024
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FBR Abolished Additional Customs Duty on Import of Electric vehicles

Federal Board of Revenue (FBR) has abolished additional customs duties on the import of electric vehicles by June 30, 2025. These are vehicles of two to three wheeler. Like electric auto rickshaws, electric motorcycles, and three-wheeled electric cars. The two-wheelers are in a completely built unit (CBU) condition.

In this regard, the FBR issued a notification to amend the SRO here on Wednesday 572 (I) 2020. Under the notification, additional customs duty on electric vehicles of 2 and 3 wheels (in CBUs condition) will not be charged till June 30, 2025. These vehicles are under Pakistan Customs Tariff (PCT) Codes 8703.8030 (Electric Auto Rickshaw), 8711.6040 (Electric Motorcycle) and 8711.6060 (3-wheeled electric loader).

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The EV policy for two-wheeled and three-wheeled electric vehicles already approved by the ECC. In the case of CBU, exemption of additional customs duty and value added tax on import of EVs (2-3 wheelers and HCVs) proposed till June 30, 2025.

EV technology is in its infancy and is relatively expensive, such as fuel vehicles. Governments around the world are trying to make this technology affordable. Through various financial and financial incentives. Including the provision of direct financial subsidies and relief in taxes and duties on import of raw materials.

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Through the recent notification the FBR amended the SRO 572(I)/2020 dated June 30, 2020. Through the amendment the FBR mentioned the list of raw material that had allowed waiver of additional customs duty on import of raw material on 25 tariff lines. Previously, through the SRO 572(I)/2020 dated June 30, 2020 the FBR imposed rates of additional customs duty at two, four and seven percent on import of goods.

See also  FBR increases minimum price of steel products

Source | FBR | Federal Board of Revenue | SRO | Customs Duty | Electric Vehicles | Vehicles Import Policy |

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