ECC allows commercial import of used vehicles

The Economic Coordination Committee (ECC) of the federal cabinet has approved the commercial import of used vehicles.

According to a statement issued after the meeting, the ECC, chaired virtually by Finance Minister Muhammad Aurangzeb, discussed various aspects related to the policy on used vehicle imports.

The Ministry of Finance said that vehicles less than five years old will be allowed for import until June 30, 2026. After that date, the age limit for vehicles will be removed.

The statement added that imported commercial vehicles will be required to meet environmental and safety standards. A 40 per cent regulatory duty will be imposed on vehicles under five years old, which will be reduced by 10 per cent each year from 2026 onwards. The regulatory duty will be completely phased out by fiscal year 2029-30.

In addition, the ECC also approved a grant of Rs800 million for the Pakistan Vanaspati Manufacturers Association (PVMA).