Islamabad : A meeting of the Economic Coordination Committee (ECC) of the Cabinet was held at the Finance Division with the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chairing the meeting virtually from New York.
The ECC considered a summary regarding the commercial import of used vehicles and, after detailed discussion, accorded approval to the proposals.
The ECC decided to amend relevant provisions of the Import Policy Order, 2022 to allow the commercial import of used vehicles. Initially, only vehicles not older than five years will be permitted until 30th June 2026, after which the vehicle age limit shall stand removed. The ECC further directed that such commercial importation would remain subject to strict compliance with prescribed environmental and safety standards.
The Committee also approved the imposition of 40 percent Regulatory Duty (RD), in addition to the existing customs duties, on the commercial import of used vehicles (less than five years old). This enhanced duty will remain applicable until 30th June 2026. Thereafter, the duty shall be reduced gradually by 10 percentage points per year, reaching zero by 2029-30, in line with the recommendations of the Tariff Policy Board.
On another summary moved by the Cabinet Division, the ECC considered and approved allocation of Rs 800 million ad Technical Supplementary Grant in favour of the Pakistan Virtual Asset Regulatory Authority (PVARA).
The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for National Food Security and Research Rana Tanveer Hussain, Federal Minister for Power Sardar Awais Ahmad Khan Leghari, federal secretaries and senior officials from concerned ministries and regulatory bodies.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
