The new Government ordered to put off pressure from foreign exchange reserves and the stability of the exchange rate, is in the process to devise an import curtailment plan as per which Regulatory Duties (RDs) on the number of imported items will increase by up to 100%.In a bid to control the economic instability and uncertainty, the government is mulling imposing high Regulatory Duties (RD) and Additional Customs Duty (ACD) on a number of items, including cars and tyres.
The authorities have proposed to increase RD on vehicles above 1800 cc to 100% from the current 70%. However, some sources are claiming that this RD is proposed on vehicles above 1000 cc So, it means nothing is clear as yet and we will bring update for you, once there is one.
It is pertinent to mention that Pakistan has entered an economic crisis as the Pakistani Rupee continues its downward trend against the US Dollar (USD to PKR) reaching Rs. 198.39 at the closing of the inter-bank market on Wednesday, while crossing Rs. 200 mark in the open market.
