Govt’s big relief in customs duty on small vehicles

Islambaad: The government has reduced the customs duty on the import of equipment for the manufacture of small vehicles, for which the revenue division has issued an amendment notification.

According to the notification, the customs duty on the import of equipment for the manufacture of new model vehicles up to 1000 cc has been reduced to 15% and the customs duty on tire tubes has been reduced from 25% to 16%.

The government has reduced the customs duty on import of equipment for the manufacture of old model vehicles up to 1000 cc from 32.5% to 30%.

According to the notification issued by the Revenue Division, the rate of customs duty has been reduced for three years for the new model vehicles certified by the Engineering Development Board.