ISLAMABAD: In the forthcoming budget, the federal government is considering making old vehicles cheaper under the National Tariff Policy in the budget.
The government has also proposed to the International Monetary Fund (IMF) to reduce taxes on the import of old vehicles, according to media reports.
Reports suggests that in the upcoming budget, there is a proposal to import 5-year-old vehicles, while the additional customs duty on vehicles is also being phased out and a reduction in regulatory duties is also being recommended.
A proposal to reform the Fifth Schedule of the Customs Act, it has been recommended not to impose new regulatory duties on the auto sector, while it is proposed to reduce the tariff on old vehicles by 10 percent annually.
There is also a recommendation to remove non-tariff barriers on the auto sector and it is recommended to reduce the average tariff on the auto sector to 6 percent by 2030.
Notably, a budget of about 18 thousand billion rupees for the next fiscal year will be presented in the National Assembly today, in which new taxes of about 2 thousand billion rupees will be imposed.
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