The federal budget for the upcoming fiscal year, which is expected to include an increase in regulatory duties on imported used cars, is scheduled to be presented on June 12th, according to the information.
Sources indicate that while the regulatory charge on large cars is anticipated to climb from 70 to 100 percent, the duty on vehicles larger than 1800 cc is predicted to rise by 30 percent.
Used cars up to 1800cc may be subject to a 15% charge, but new and old hybrid cars up to 1800cc may continue to be duty-free.
It is anticipated that the cost of imported secondhand cars will increase in the nation.
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The federal government was previously suggested by the Overseas Investors Chamber of Commerce and Industry (OICCI) to not exclude imported used cars from regulatory duty and additional customs duty.
Details indicate that the OICCI asked the center to keep collecting regulatory duty and additional customs duty on imported used cars in budget recommendations it submitted to the federal government.
According to the OICCI, the proposal’s goals were to safeguard the regional auto sector and discourage the import of used vehicles.
The OICCI believed that “the influx of used cars is affecting the sales of locally manufactured cars.”