This time Pakistan’s economy is in a high crisis of high import bills. The new government is failed to control the uncertainty of the economy and now they imposed a complete ban on CBU imports. The step has been taken to control the extremely high bill of imports. The ban is on 800 items that fall into 33 categories. Used and new car import is part of the ban. The current rate of the dollar is all-time high and this is the only step that helps to save the economy. Maryam Aurangzeb stated that “Pakistan is facing an emergency situation and we need to sacrifice imported items. It can help us to save $500 million per month”.
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CBU Cars Import Ban
Under the SRO598 the ban is imposed on all used and new Completely Build Units (CBU) cars. The import of commercial vehicles is not included in the ban. But the import of luxury sedans and SUVs is banned now and not allowed to cross the borders of Pakistan.
Only the vehicles that reach Karachi port by 19 May 2022 are allowed to deliver to customers. However, the booked vehicles or on the way vehicles are also not delivered to customers. So, the customers who booked vehicles and the delivery date is after 19 May 2022 will not be cleared by the government.
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Import of CKD Kits
The customs duty on CKD kits has been increased. Automakers import CKD kits for local manufacturing cars. Authorities have proposed to increase the Regulatory Duty on cars above 1000cc or 1300cc to 100% from 70%. The current custom duty for 1000cc or 1300cc car above is 70%. This step is taken to control the luxury cars purchase and reduce the fuel need as the fuel rates are also going up.
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Brands Affected by the CBU Cars Import Ban
Pakistan imports a wide range of luxury cars from different countries. BMW, Audi, Mercedes-Benz, Porsche, Haval, MG, Toyota, and many others will lose their sale in Pakistan due to the ban. These brands offer CBU units to Pakistan and customers pay high custom duty and price of cars in dollar currency.
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Pakistan local car prices will also increase after the increase of CKD kits Regulatory Duty. Many automakers halted car production for a couple of weeks. The current prices of local cars are not in the range of low-income buyers. This time we can only pray for our economic stability.