Government exempts duties on import of vintage cars

The Federal Board of Revenue (FBR) has lifted duties on the import of vintage cars and jeeps, if the cumulative amount is more than $5,000.

According to a notification issued by the FBR, the taxes exempted include customs-duty, regulatory duty, additional customs duty, federal excise duty, sales tax and withholding tax.

“The Federal government is pleased to exempt vintage or classic cars and jeeps meant for transport of persons on the import thereof from so much of the customs-duty, regulatory duty, additional customs duty, federal excise duty, sales tax and withholding tax as are in excess of the cumulative amount of U.S. dollars five thousand per unit,” read the FBR SRO 833(1)2018.

“For the purpose of this notification, vintage or classic cars and jeeps mean old and used automotive vehicles, falling under PCT Code 87.03 of the First Schedule to the Customs Act, 1969 (IV of 1969), manufactured prior to the January 1, 1968,” it added.

Earlier, the government announced a reduction on customs duty of up to 25 percent on import of electric cars.