Import of vehicles older than 5 years allowed on IMF condition

Islamabad: The government has allowed the commercial import of vehicles older than 5 years on the condition of the International Monetary Fund (IMF), and an official notification has also been issued in this regard.

According to the notification, new categories have been opened under the Pakistan Customs Tariff Codes by amending the Import Policy Order.

Commercial import of sedan vehicles will be possible under Customs Tariff Codes 8702 and 8703; light commercial vehicles and vans will be imported under Customs Tariff Code 8704. Import of other vehicles has been allowed under Customs Tariff Code 8711.

The government has clarified that the import of old vehicles will be done on a commercial basis only through banking channels, while the FBR will issue a separate notification imposing 40 percent regulatory duty on 5-year-old vehicles.