The Senate Standing Committee on Finance and Revenue on Thursday referred the matter of imported vintage cars to the Commerce Committee.
This was discussed in the Senate Standing Committee on Finance and Revenue which met under the chair of Senator Saleem Mandviwala.
Briefing on the matter of imported vintage cars still parked at dry port for clearance was also taken up.
The committee lamented that even after the exemption of customs duty, regulatory duty, additional customs duty, Federal Excise Duty, sales tax, and withholding tax by the Federal Government on 3rd July 2018, the cars have not been released and urged to expedite the matter.
The Revenue Division informed the committee that the issue pertains to the requirements of the IPO 2016, which falls under the jurisdiction of the Ministry of Commerce.
Hence, it was agreed to address the matter in collaboration with the Senate Committee on Commerce, along with the Commerce Ministry. Furthermore, they plan to raise the matter with the federal cabinet to seek relaxation on the IPO (Import Policy order).
The committee also stated that it received letters from some sectors that selective LCs are being opened even after all the restrictions are lifted.
