Govt discourages old car imports

The government has discouraged the import of reconditioned cars in the proposed budget for the upcoming fiscal year.
More than four-year old cars may become costlier accordingly.
In order to discourage the import of old vehicles, depreciation benefit at a flat rate of 25 percent as well as the 10 percent dealers' commission in the existing budget will remain. But the facilities will only be applicable for vehicles three-years old, instead of four.
To prevent concealed declaration, the value of new cars cannot be in any case lower than the value of reconditioned cars of the same brand and capacity, according to the proposal. At the same time, a tax assessment of the new vehicles against the invoices issued would be only by manufacturing companies.