- Web Desk
- 55 Minutes ago
OICCI urges govt to tighten regulations on imported cars
- Web Desk
- May 16, 2024
WEB DESK: In a development that might impact Pakistani consumers eyeing imported used cars, the Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended imposing duties to deter their importation.
This move aims to protect the local automobile sector and could potentially drive up prices for imported vehicles in the near future.
The OICCI, in its recent budget proposals to the federal government, advocated for the continuation of regulatory duty and additional customs duty on imported used cars. This proposal underscores the chamber’s stance on curbing the influx of these vehicles into Pakistan.
Highlighting the adverse effects of imported used cars on the domestic market, the OICCI highlighted that their presence undermines the sales of locally manufactured vehicles.
To address this issue, the chamber proposed imposing additional taxes on cars imported under schemes designed for overseas Pakistanis.
The OICCI expressed concerns over the misuse of these schemes, citing a substantial number of imported cars taking undue advantage of the concessions offered.
According to ARY News, by imposing additional taxes, the chamber aims to discourage such practices and ensure the schemes are utilised for their intended purpose.
Moreover, the OICCI stressed the importance of implementing measures that prioritise the long-term interests of the economy. It called for regulatory policies to govern the import of used cars, aligning with the goal of fostering a competitive and sustainable automotive industry in Pakistan.
With these recommendations, the OICCI seeks to address the challenges posed by the influx of imported used cars while safeguarding the interests of the local automobile sector.
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