Concessions announced for electric cars

KARACHI: Federal Budget 2018-19 has announced a number of import concessions to promote use and manufacturing of environment friendly electric cars.

The budget has proposed reduction of customs duty from 50 percent to 25 percent and exemption of 15 percent regulatory on electric vehicles. The government through the federal budget also proposes reduction of customs duty on completely knock down (CKD) kits of electric vehicle from 50 percent to 10 percent.

Budget 2018-19 also announced concessionary import of vintage or classic cars and jeeps at fix duty/taxes of $5,000. Moreover, import of solar panels was exempted from the condition of ‘local manufacturing’ till June 30 2018, which is extended till June 30, 2019.

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