ISLAMABAD: Amidst delay in the issuance of an ordinance/SRO with regard to the country’s first Electric Vehicle (EV) policy, importers have started importing EVs to avail tax exemptions announced under the policy.
According to details, hundreds of imported electric vehicles were currently stuck at ports, as importers wanted to avail the EV policy approved by the cabinet about a month ago.
Talking to this scribe, an importer said his company had imported at least 35 electric vehicles, but was reluctant to have them cleared at ports as it wanted to avail tax exemptions applicable on Completely Knocked Down (CKD) and Completely Built Units (CBUs) under the EV policy. Similarly, some other companies/importers were also waiting for policy implementation through the issuance of an ordinance/SRO, he added.
Meanwhile, an official of the Custom Department informed Profit that the draft EV ordinance was resubmitted to the Ministry of Industries (MoI) for a review before forwarding the same to the President House for issuance of an ordinance.
“We have shared the same with the MoI for a review, as some incentives announced under the policy needed clarity,” the official said, asserting that the issuance of the ordinance would not be delayed on the part of Federal Board of Revenue (FBR).
However, an MoI official, when contacted by this scribe, said the ministry was “unaware about any draft ordinance” sent to the ministry by FBR. “The ministry has not received any documents so far in this regard,” he maintained.
Sources said apart from tax exemptions for manufacturers/assemblers of electric vehicles, the incentives announced under the policy were encouraging the importers to import vehicles despite lack of charging stations and other facilities necessary for such vehicles.
As per the EV policy for four wheelers, which was approved by the federal cabinet on December 22, 2020, there will be 25pc customs duty and zero per cent additional customs duty or regulatory duty on CBU imports. Besides, any company could import 100 CBUs with 50pc customs duty.
The new policy stipulated rules for electric-run four-wheelers along the lines of import and export, taxation, registration, and customs duty.
According to the salient features of the new EV policy, additional customs duty, as well as additional sales tax (AST) on the import of EV cars, would be removed. In addition, only 1pc tax will be levied on the import of EV parts for manufacturers, while registration and annual renewal fee of EVs for the ICT sector has also been waived.
Abhi 6month or wait karo
When electric vehicles will come to Pakistan then oil prices will reduce and oil monopoly and blackmailing will be finished, good decision of Imran khan p