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Regulatory Duty on Used Cars Import Dropped
TAXATION

Regulatory Duty on Used Cars Import Dropped

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Regulatory Duty on Used Cars Import Dropped

Regulatory Duty on Used Cars Import Dropped. Here is a big relief that Federal Board of Revenue (FBR) has not extended the SRO  after March 31, 2023. This SRO was regarding regulatory duties on import of used cars up to 1800cc.

Previously, the government imposed 100% RD on these cars in August 2022 under SRO1571(I)/2022. According to the SRO, the regulatory duty (RD) was imposed till February 2023, but the government enhanced the deadline to March 31, 2023.

So, after the end of the deadline of the SRO, the regulatory duty (RD) has reversed back to the rate before August 22. Actually, there was no regulatory duty (RD) on cars up to 1800cc, however there was 70% RD on cars above 1800cc. Moreover, now there will be 0% RD on cars up to 1800cc, but the 70% on cars above 1800cc will remain the same.

Imported cars of various engine capacities that are waiting at the ports to clear due to non-availability of foreign currency will also benefit from this reduced taxes.

See also  Taxpayer bound to make e-payment of duties and taxes over Rs 1 million: FBR

According to various media reports the regulatory duties on the import of used cars up to 1800cc have now expired. Although the Federal Board of Revenue has yet to release an SRO for official communication of the matter.

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