Senate Committee Seeks Release of Imported Vintage Cars Amid Regulatory Hurdles

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In a recent development, the Senate Standing Committee on Finance and Revenue has forwarded the issue of imported vintage cars to the Commerce Committee for resolution. The vintage cars have been held up at a dry port for clearance despite the Federal Government's exemption of various duties in 2018.

Chaired by Senator Saleem Mandviwala, the Senate Standing Committee expressed its concern over the delayed release of these cars, even after the waiver of customs duty, regulatory duty, additional customs duty, Federal Excise Duty, sales tax, and withholding tax on July 3, 2018.

During the meeting, the Revenue Division clarified that the matter falls under the requirements of the IPO 2016, which falls under the jurisdiction of the Ministry of Commerce. To tackle the issue effectively, both the Senate Committee on Commerce and the Commerce Ministry will collaborate.

In an effort to expedite the resolution, the committee plans to bring up the matter with the federal cabinet and request relaxation on the IPO (Import Policy order).

Furthermore, the committee has received letters highlighting that selective LCs (Letter of Credits) are still being opened, even after all the imposed restrictions have been lifted.

Stay tuned for further updates as the parliamentary panel aims to ensure a prompt resolution and release of these vintage cars.

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