Karachi: The government plans to allow overseas Pakistanis to import hybrid cars into the country without paying any duties — barring certain preconditions — according to a news report. They will be allowed to import one duty-free hybrid car with an engine capacity of up to 3,000cc, along with the condition that they remit at least USD 100,000 in two years.
The aim of this measure is to encourage the movement of offshore money into Pakistan. Special Assistant to Prime Minister on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari stated on social media that this step is part of rewarding overseas Pakistanis for contributing to the national exchequer by using official banking channels.
The Engineering Development Board (EDB) issued a notification to various stakeholders to invite their comments and suggestions regarding this proposal. Representatives from various private sector bodies lauded this measure as a way to increase inflows and decrease the current account deficit. This will, in turn, decrease inflation and the benchmark interest rate.
