The President has taken steps to revise the relevant tax imposed on vehicles imported through letters of credit opened on May 14, a day before the 50% surcharge was introduced to restrict vehicle imports.
On May 15, the President issued a gazette notification announcing the surcharge. Following this, the opposition leveled strong allegations, claiming that three companies allegedly linked to the President had opened letters of credit on May 14 to import 4,000 vehicles.
The opposition further alleged that these companies had prior knowledge of the President’s decision before the gazette notification was issued.
In response, the government has decided to impose taxes based on the date the vehicle order was placed, noting that it takes several weeks to manufacture vehicles and include their chassis numbers in the letters of credit.
Under this decision, all vehicles imported through letters of credit opened on May 14 will be required to pay not only the 50% surcharge, but also all other related taxes.
