Cars more expensive now as FBR raises regulatory duty to 50%
Stay tuned with 24 News HD Android App
The Federal Board of Revenue (FBR) on Saturday raised to 50 percent regulatory duty on new imported cars contrary to the previous duty that was only 15 percent, reported 24NewsHD TV channel.
The FBR issued an SRO in this regard increasing the duty on 4x4 jeeps, and above 1,000cc cars.
The 50 percent regulatory duty on fully imported new vehicles will remain applicable till June 30, 2022.
The FBR also slapped 10 percent duty on the fully manufactured imported electric cars.
Tax experts said that the main reason for the increase in regulatory duty is to reduce the import bill and check dollar outflow.
Earlier, the FBR had issued SRO-840 on June 30, 2021 to reduce the import of unnecessarily expensive items.
Reporter Ashraf Khan