The Cabinet’s Economic Coordination Committee (ECC), chaired by Federal Minister for Finance and Revenue Senator Mohammad Aurangzeb, from New York, has approved an important policy to change the trade imports of used vehicles.
At the meeting, the ECC. The import policy order, to allow the commercial import of used vehicles, decided to amend the 2022, with the restriction that only the ages of more than five years would be allowed by June 30, 2026. After this date, limited age vehicles will be removed.
In addition, the ECC approved a 40 % regulatory duty (RD) on import of used vehicles under the age of five, which applies to the upper part of the existing customs duty. This better duty will remain in force until June 30, 2026, after which the tariff policy board recommends, eventually reach zero at 2029-30.
The meeting also saw the approval of one rupee. 800 million technical grants for the Pakistan Virtual Asset Regulatory Authority (PVARA), which aims to increase regulatory monitoring in the virtual assets sector.
The meeting was attended by key federal ministers and senior officials of various ministries, including Minister for Petroleum Ali Prose Malik, Minister for National Food Security and Research Rana Tanveer Hussain, and Sardar Ahmad Khan Legacy.