Prime Minister Shehbaz Sharif has ordered the confiscation of luxury cars brought to Pakistan on expired temporary permits.
A meeting regarding luxury vehicles was held under the chairmanship of the Premier, who inquired as to why the concerned departments did not take action against them. Sharif directed the formation of a committee to address the issue.
The Premier said that strict action should be taken against officials involved in the illegal use of this scheme. He ordered the collection of detailed and accurate data on all vehicles with expired permits and demanded that they be immediately seized.
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has sent out a distress call to Federal Finance Minister Ishaq Dar, requesting the urgent removal of the car assembly kits and auto parts imports from the “non-essential items” list.
In a letter to the finance minister, the association stated that auto parts manufacturers save $1.5 billion per year through import substitution and contribute over 5% of the country’s tax revenues.
The association requested that all banks open all LCs for imports by authentic part makers and vendors as the industry is facing permanent closure due to rising inflation, currency devaluation, and record-high markup rates.