Despite the country being hampered by severe foreign exchange controls even for imports of basics for consumers and industrial suppliers, the government approved the entry of 2,200 luxury vehicles in current fiscal year.
Due to severe foreign exchange restrictions, the country’s ports gathered roughly 8,500 containers laden with a variety of consumer and industrial goods in the first half of this year. According to dealers’ estimations, there are 5,500 containers stuck, Dawn reported on Tuesday, citing reliable sources.
According to customs data, about 95% of the 8,500 containers arriving at ports are delayed because letters of credit are not opened (LCs).
Perishable commodities, industrial supplies, consumer goods, and pharmaceuticals are transported in these containers, while used luxury vehicle imports are processed quickly at ports.
In the first six months, 193 new autos were imported, according to statistics. Only 25 of them were in the 1,000-1,800cc range, whereas four automobiles with displacements more than 1,800cc were created throughout the research period.
Between July and December 2022, 164 premium electric vehicles were mostly imported. The only gain to Pakistan from importing these automobiles was duty and taxes, which amounted over Rs 2 billion. However, the country was forced to spend hundreds of billions of rupees to import these vehicles.
Luxury car imports older than three years grew dramatically in the first half of the current fiscal year. From July to December 2022, around 1,990 automobiles were imported.
Only abroad Pakistanis are allowed to import these vehicles, but importers are taking advantage of this privilege by paying passport holders up to Rs. 10 million for SUVs, for example.
The majority of the 1,450 used automobiles in the 1,000cc and under category were imported. During the time period under consideration, 20 premium electric vehicles and 370 vehicles with engines ranging from 1,000 to 1,800 cc were imported.
During the first half of the current fiscal year, taxes on the import of secondhand autos generated Rs 7 billion.