The federal government is seriously considering reducing the prices of used cars in the upcoming budget under the National Tariff Policy.
According to a report by a private TV channel, the government has also proposed to the IMF that taxes on the import of used vehicles be reduced, allowing the public better access to affordable cars.
Sources revealed that a proposal is under review to permit the import of vehicles up to five years old in the new budget. Additionally, there are recommendations to phase out additional customs duties on vehicles and reduce regulatory duties.
Moreover, it has been suggested that no new regulatory duties be imposed and that tariffs on used cars be reduced by 10% annually. The government also aims to remove unnecessary non-tariff barriers in the auto sector and reduce the average tariff on the industry to below 6% by 2030.
These measures are expected not only to boost competition in the auto industry but also to offer consumers more options at lower prices.
