Used Cars: Parliamentary Panel Proposes Up to 1500cc Used Cars Import for Disabled Every 5 Years
A parliamentary panel on Monday proposed a crucial amendment, advocating for an adjustment that would allow disabled individuals to import used cars featuring engine capacities up to 1500cc once every five years.
This proposal has been forwarded to the Senate Finance Committee for comprehensive deliberation, particularly concerning the potential exemption of sales tax.
Officials from the Senate Committee revealed that the Ministry of Industries and Production and the Federal Board of Revenue (FBR) recently imposed restrictions on the import of used cars tailored for disabled individuals. However, committee members clarified that disabled persons still maintain eligibility to import new cars with engine capacities up to 1350cc, exempt from customs duty, once every ten years.
Salt Export Limits Bill
The Senate Committee engaged in a detailed discussion on the “Imports and Exports (Control) Amendment Bill, 2023,” presented by Senators Zeeshan Khanzada, Faisal Saleem Rehman, and Muhammad Abdul Qadir. The proposed amendment aims to restrict the export of raw salt, urging the Federal Government to establish conditions for its export.
According to the Ministry, the Imports and Exports (Control) Act, 1950, serves as the primary legal framework for regulating international trade in Pakistan. The debate included the role of export orders (EPO) and import policy orders (IPO) under the act in governing the trade of goods. The Ministry of Commerce argued against specific prohibitions, asserting that the existing powers granted to the Federal Government are sufficient for trade regulation.
Senator Mirza Muhammad Afridi emphasized the need for a policy to maximize revenue from Pakistan’s extensive rock salt reserves. The committee postponed discussions on the amendment, seeking a revised draft of EPO 22 for future consideration. Meetings with stakeholders on the amendment’s legality were proposed, and the Ministry must provide a progress report within a month.
TCP’s mounting Debt
The parliamentary committee addressed critical debt issues faced by the Trading Corporation of Pakistan (TCP) with various government entities, including commercial bank loans and associated markup. The current debt status stands at Rs105.513 billion in principal and 153.74 billion in markup, totaling 259.26 billion.
The TCP Chairman briefed the committee on ongoing recovery efforts, including third-party audits on subsidy payments and regular reminders to recipient agencies. Directives were issued to relevant ministries to submit summaries reflecting payables to TCP in their financial demands for FY 2013-2024. Ongoing efforts involve repeated meetings with Finance Divisions and concerned federal and provincial recipients.
