In the wake of regulatory duty withdrawal, Pakistan has sent out a clear warning to car dealers for lowering the prices of imported vehicles. Syed Naveed Qamar, Federal Minister of Commerce, stated on Saturday that additional regulatory duty on imported luxury vehicles ended on 31st March. Thereupon, car dealers must adjust the prices duly or pressing measures will be taken.
He stated that the benefit of this opportunity must be taken. He further highlighted the government’s efforts to deal with the staff-level agreement with IMF. He said that LCs (letters of credit) will also be lifted once the agreement takes place, as it contributes to smooth functioning of such industries and benefits the economy.
The additional custom duties and regulatory duties were dismissed on the import of more than 600 vehicles and non-essential articles, producing a wonderful opportunity for business to not only grow but also ameliorate the burden on consumers.
