Rana Abid said the government is also failing in collecting tax from the people and is short of Rs 450 billion of the expected tax collection this year.
TOKYO: Pak-Japan Business Council (PJBC) President Rana Abid Hussain said that Pakistan is suffering 100 billion rupees loss every year after the ban was imposed on import of used cars.
Rana Abid said the government is also failing in collecting tax from the people and is short of Rs 450 billion of the expected tax collection this year. On the other hand, the facility was given to overseas Pakistanis who could send the used cars on transfer of residence and gift scheme to their families which is now totally stopped due to hard conditions on overseas Pakistanis.
The PJBC president said that on one side the government is getting loans on tough conditions and high interest rates while on other side it is loosing Rs 100 billions for just to stop importing used cars from the overseas Pakistanis.
He said the overseas Pakistanis have played a vital role to bring PTI in power but they are facing now the most tough time in every field of life .
The PJBC chief said the car-assemblers and their vendors are relaxed on the move by the government to ban on imported vehicles but traders of used cars anticipate drastic fall in import.
As per MoC’s order on Jan 15, 2019, duty and taxes on all imported vehicles - new or used, conditioned, under personal baggage or gift scheme, will be paid out of foreign exchange arranged by Pakistani nationals themselves or local recipients supported by bank encashment certificate showing conversion of foreign remittance to local currency. Due to this, the import of vehicles has almost been stopped, said the PJBC Chief.
However, PJBC demanded the government to remove these difficult conditions and facilitate the people in importing used cars by the overseas Pakistanis where thousands of local people are also attached with this business.