The Central Board of Revenue (CBR) has decided to approach Ministry of Industries and Production to obtain their viewpoint on the withdrawal of ban on import of second-hand auto parts, which are 'not manufactured locally'. In this connection, the CBR has prepared a summary for the Economic Co-ordination Committee of the Cabinet. Official sources told Business Recorder on Wednesday that the summary has not yet been presented before the ECC.
The CBR will incorporate the comments of Ministry of Industries and Commerce Ministry in the summary before submitting the same to ECC. The CBR wants to withdraw ban on import of second-hand auto parts, which are 'not manufactured locally'. The withdrawal of ban will not hurt the domestic auto industry.
At present, 35 percent customs duty is applicable on import of new auto-parts and it is proposed that the government should levy customs duty on used auto parts equivalent to the duty levied on import of the new ones. The decision would discourage smuggling of auto-part, which results in huge revenue loss to the national exchequer.
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