Traders Urge Govt to Reduce Duties on Motorcycle Parts
KARACHI: In the backdrop of import restrictions placed due to low foreign exchange reserves, the widespread smuggling of motorcycle parts is hurting the economy.
Traders of motorcycle parts have urged the government to reduce customs duties and other taxes to protect the industry and discourage smuggling.
“We request the Karachi Chamber of Commerce and Industry (KCCI) to take up this important issue with the relevant policy-makers in Islamabad so that custom duties and other taxes can be reduced,” All Pakistan Motorcycle Spare Parts Importers and Dealers Association (APMSPIDA) Chairman, Nasir Maqbool said while heading a delegation to the KCCI.
Pakistan Association of Automotive Parts and Accessories Manufacturers
Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) former Chairman Abdul Rehman Aizaz noted that “95% of CD 70s and over 87% of CG125s are locally produced. However, auto parts have huge under-invoicing, including two-wheeler parts.”
Endorsing Aizaz’s viewpoint, Ismail Iqbal Securities Auto Sector Analyst Muqeet Naeem said, “Local parts are being used in over 90% of CD70s manufactured in Pakistan, but for higher-end bikes, the usage of local parts is not optimal.”
