Vehicle import interval increased to 3 years

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a new vehicle import scheme. Under this, only the Transfer of Residence and Gift schemes will continue.

The ECC meeting, chaired by Finance Minister Muhammad Aurangzeb, decided to increase the interval for vehicle imports from 2 years to 3 years. Imported vehicles will remain non-transferable for one year, and commercial safety and environmental standards will apply.

The committee approved a 5–10 per cent increase in margins for petroleum products. Half of the increase will take effect immediately, while the other half will be linked to digitization.

The Ministry of Finance has been directed to prepare a medium-term plan to reduce financial support after reviewing the Circular Debt Management Plan 2025-26.

The ECC also ordered a monitoring system to track the performance of electricity distribution companies (DISCOs).

A ban on chloroform imports was imposed. Only pharmaceutical companies with a DRAP NOC will be allowed to import recyclinethane.

Additional approvals include: a PKR1.28 billion technical grant for the Pakistan Digital Authority, PKR 5 billion for the Housing and Works Division, and funds for pension and medical expenses of PIA Holding Company.

Finally, a special company will be created to clear PASCO’s assets and liabilities; it will be dissolved once its objectives are achieved.