ISLAMABAD: The automobile manufactures on Thursday told the subcommittee of the Public Accounts Committee (PAC) that the import of reconditioned vehicles was a cancer for the automotive industry.
The PAC subcommittee held a meeting under the chairmanship of Commerce Secretary Hamid Yar Hiraj to discuss and prepare a policy for reduction of prices. Hiraj said that the auto manufactures earned a premium on every new vehicle, which was totally illegal and unjustified.
The committee also criticised that in the past the policies were prepared for individuals not for the nation, an unfortunate situation. The committee directed the Ministry of Commerce to prepare recommendations for a new automobile policy, which should be acceptable to every stakeholder, within 15 days.
The secretary told the committee that the duty structure for the new vehicles should be revised because the customs tax regime on imported reconditioned vehicles was affordable for consumers rather than the policy on new imports.
Published in The Express Tribune, August 24th, 2012.
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