Islamabad: Pakistan’s Economic Coordination Committee (ECC) has approved the commercial importation of used vehicles while simultaneously imposing a substantial regulatory duty, Finance Minister Senator Muhammad Aurangzeb announced today. Chairing the ECC meeting virtually from New York, Aurangzeb led the committee’s decision to amend the Import Policy Order, 2022, permitting the import of used vehicles up to five years old until June 30, 2026. After this date, the age restriction will be lifted.

The ECC mandated strict adherence to environmental and safety regulations for all imported vehicles. A 40% regulatory duty, in addition to existing customs duties, will be levied on these imports until June 30, 2026. This duty will subsequently decrease by 10% annually, reaching zero by 2029-30, aligning with Tariff Policy Board recommendations.

In a separate decision, the ECC granted Rs 800 million as a Technical Supplementary Grant to the Pakistan Virtual Asset Regulatory Authority (PVARA), following a proposal from the Cabinet Division.

Federal Ministers Ali Pervaiz Malik (Petroleum), Rana Tanveer Hussain (National Food Security and Research), and Sardar Awais Ahmad Khan Leghari (Power) attended the meeting, along with federal secretaries and representatives from relevant ministries and regulatory organizations.