Additional 40pc duty will be imposed on five-year-old vehicles
Islamabad: The International Monetary Fund (IMF) has allowed the Ministry of Commerce to import 5-year-old vehicles.
In a meeting of the Senate Standing Committee on Finance, Ministry of Commerce officials briefed on the import policy and said that from September 2025, it will be allowed to import 5-year-old vehicles. An additional 40 percent duty will be imposed on five-year-old vehicles.
According to officials, the ban on importing 3-year-old vehicles for individual or commercial use has been lifted. After fiscal year 2027, it will be allowed to import vehicles up to 7 years old. The additional duty will be gradually reduced by 10 percent every year from fiscal year 2027.
Officials also said that after fiscal year 2027, the additional duty on imported vehicles will be abolished, and the normal duty will remain. An additional 40 percent duty will not be imposed on vehicles brought in baggage. There will be a 700-day overseas limit to avail the facility of a vehicle brought in baggage.
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