UAE: Good news for Pakistani overseas in Dubai and around the world.
You may soon be allowed to import one hybrid car to your home country upon presenting proof of remitting $100,000 using legal banking channels within two years.
The move will not only benefit the overseas Pakistanis but will also help improve foreign exchange reserves in the country, currently facing acute financial problems.
However, the initiative is still a proposal, prepared by the Ministry of Overseas Pakistanis and Human Resources Development (MOPHRD).
The Ministry has forwarded the proposal to Ministry of Industries & Production and Engineering Development Board (EDB) for their opinion to formally grant Foreign Exchange Remittance Card (FERC) holders the privilege avail the duty-free vehicle import.
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
A Pakistani expatriate can send a cars to Pakistan to his blood relatives including father, mother, sister, brother or children under “gift scheme” if he is resident of the UAE for at least two years — but the same Customs tax applies.
He is also allowed to take a car under “baggage allowance” if he is resident of the UAE for at least six months.
Also, an expatriate is entitled to take the car to Pakistan under ‘transfer of residence’ rules.
Iqbal Dawood, President of the Pakistan Business Council in Dubai welcome the new proposal and said: “It will be very beneficial for residents if the Pakistani government allows duty free import of hybrid vehicles,” he said.
He, however, said that import of vehicles by Pakistani expatriates has almost been closed for the last one year as various departments in Pakistan harass overseas Pakistanis regarding their income resources.
“People are now scared to import vehicles as they do not face unnecessary inquiries,” he said.