Good News For The Overseas Pakistanis living in UAE, as the Ministry Of Overseas Pakistanis and Human Resource Department (MOPHRD) make an Important Announcement On Wednesday.
The Announcement entailed that the Overseas Pakistanis who have managed to send remittance of $100,000 within the last two years, upon presenting Legal Proof will be allowed to import one Hybrid car to their Home country tax-free.
The proposal letter continues: “Duty-free import of one hybrid car up to 3000cc to Foreign Exchange Remittance Card (FERC) holders, who remit $100,000 over a period of two years.”
The Aim of This Initiative is to reward the Pakistanis living in UAE with their service for the country and also to improve the Foreign Exchange Reserve. At the moment, The Pakistani Expatriates who wish to Import Cars have to pay 60-100% Customs and are allowed to import a saloon car of up to three years old and an SUV (up to five years old).
Though just a proposal at the moment, this initiative is encouraging in further strengthening the ties between both the countries. The Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development (OPHRD) and Chairman National Tourism Coordination Board (NTCB) Syed Zulfiqar Bukhari announced his full support of this Proposal in his Tweet Yesterday:
In recognition of our #OverseasPakistanis who use banking channels to send money back home,my ministry has proposed to reward them for their contribution to the national exchequer. I will be backing this initiative with full force so in time we can kill the menace of hundi/havala pic.twitter.com/zSlk6AajvO
— Sayed Z Bukhari (@sayedzbukhari) November 26, 2019
The proposal has been forwarded by The Pakistan Overseas Ministry to the Ministry of Industries and Production and Engineering Development Board (EDB). The ministry will seek opinion to allow the Foreign Exchange Remittance Card (FERC) holders to avail of the benefit of the duty-free vehicle import.
Iqbal Dawood, President of the Pakistan Business Council in Dubai had a very encouraging attitude towards this proposal and said: “It will be very beneficial for residents if the Pakistani government allows duty-free import of hybrid vehicles,” he said.