Tokyo - Japan's largest carmaker
Toyota Motor Corporation said Tuesday it will recall more
than 176 000 passenger cars sold domestically due to defective
brake parts and reported 470,000 cars shipped overseas have
a similar problem.
Toyota will recall four models - the Celica, Fun Cargo, bB
and MR-S - totalling 176,372 units produced between July 1999
and July 2000 in Japan, according to a report submitted by
the company to the transport ministry.
Toyota is to change defective parts of the brake system, which
may allow air to come into the brake cylinder and extend the
braking distance.
The company separately said some 470 000 cars shipped overseas,
mainly to the United States, Canada and Australia, have a
similar defect.
"We will take necessary measures to exchange defective
parts in line with each country's auto regulations,"
a Toyota spokesman said. - AFP
Source: Business Report
Increase of 41% in car sales
Sales of cars and other vehicles including motorcycles touched
44,747 mark in August registering an increase of 41.60 percent
compared to same month last year on the back of rising demand
and production.
According to latest available figures, production of different
automobiles including motorcycles rose 44 percent to 45,485
mark compared to 31,587 units in August 2003.
“Consistent increase in demand for cars and availability
of financing facility for all types of vehicles have resulted
in sharp increase in sales and production of vehicles,”
said an industry official.
“The trend is expected to continue in future,”
he added.
Figures compiled by Pakistan Automotive Manufacturers Association
(PAMA) show that in August a total of 8,847 cars were sold
while a total of 9,041 units were produced. Similarly, a total
of 138 trucks were manufactured out of which 131 were sold
out while out of a total of 1,425 light commercial vehicles
(LCV) were produced in August while sales stood at 1,533 units.
Farm tractors’ sales and production also registered
a sharp growth during August. Production of tractors stood
at 3,291 units out of which 2,994 were sold out in August.
Last month assemblers produced a total of 134 buses and managed
to sell 105 units.
Dewan Motors produced 30 units of Kia Sportage and sold nine
units in August.
Two-wheelers: In August sales of motorcycles stood at 31,426
units while production remained at 31,128 units. Industry
players said with the arrival of Chinese technology, motorcycles’
production and sales have registered a sharp rise and estimated
that the trend would continue throughout the year.
They believe rising trend in sale and production of the cars
and other vehicles shows that much-demanded regularisation
of reconditioned vehicles import is not on the cards, which
encouraged consumers to go for available products.
But industry experts said last month announcement to allow
50 percent to 80 percent depreciation on used cars from 800cc
to 1800cc cars may change the trend to some extent. “It
depends that at which pace dealers import such vehicles,”
said a senior auto dealer. “But as per the decision,
it would definitely help bringing down car prices.”
CBR allows 50% depreciation on cars
The Central Board of Revenue (CBR) last month enhanced the
depreciation on used cars up to 50 to 80 percent from 800cc
to 1800cc cars under the transfer of residence and gift scheme.
“The notification or order is affective from July 9,
in super-session of Customs General Order (CGO) No 6, 2004
dated July 9, 2004,” said the dealer CBR notification.
The notification has enhanced the depreciation from 800cc
to 50 percent from 20 percent, from 800cc to 1000cc up to
50 percent from 20 percent, from 1000cc to 1300cc up to 50
percent from 20 percent, from 1300cc to 1600cc up to 70 percent
and 1600cc to 1800 up to 80 percent.
Source: Daily Times
KARACHI: Faiz Ahmed, secretary customs tariff has enhanced
the depreciation on used cars up to 50 percent to 80 percent
from 800cc cars to 1800cc cars under the transfer of residence
and gift scheme, said a notification of the Central Board
of Revenue (CBR) issued here on Tuesday.
“The notification or this order will be affective from
July 9, 2004 in super-session of Customs General Order (CGO)
No 6, 2004 dated July 9, 2004,” the notification said.
“This decision of the federal government, especially
newly elected Prime Minister Shaukat Aziz, would help bring
car prices down,” said H.M Shahzad, chairman, All Pakistan
Motor Dealers Association.
Welcoming the decision of the government, he said the prices
of used cars would drop by over 25 percent to 50 percent in
the country, while the manufacturers and assemblers would
also have to reduce prices of new cars.
The notification said, “the decision has been taken
in order to facilitate the importers of vehicles and to mitigate
the discretionary powers of the customs functionaries.”
In the notification, the CBR has prescribed the procedure
and amount of duties and taxes in Pak rupees equivalent to
amount of duties and taxes shown in US dollars against each
vehicle.
The notification said, “the depreciation in the duties
and taxes shall be allowed on the import of used/second hand
vehicles at the rate of 1 percent for vehicles upto 1800cc
for each completed month calculated from the date of first
registration abroad upto the date of entry into Pakistan subject
to the maximum of 50 percent.”
“In case of vehicle about 1800cc, the depreciation
shall be allowed at the rate of 2 percent per month subject
to a maximum of 50 percent,” the notification said.
The notification has enhanced the depreciation from 800cc
to 50 percent from 20 percent, from 800cc to 1000cc up to
50 percent from 20 percent, from 1000cc to 1300cc up to 50
percent from 20 percent, from 1300cc to 1600cc up to 70 percent
and 1600cc to 1800 up to 80 percent.
Through a new Custom General Order issued on July 9, 2004,
the CBR had reduced this rate of depreciation on used cars,
after which more than 400 imported cars of different models
were stuck up at the ports. Now motor dealers can release
their vehicles at the previous depreciation cost after paying
necessary demurrage of the ports and import duties, dealers
said.
The notification said, “the local agent commission
and other incidental charges if any shall be added in the
ascertained freight on board (FOB) value if not already included
in the price certified by manufacturers or his authorized
local agent. It said in case the vehicle is a domestic model,
and the FOB value is not provided by the manufacturer, the
FOB value certified by manufacturer or his authorized agent
for export model may be inflated as per prevalent practice,
the notice said.
It said the landing charges at the rate of 1 percent of the
sum total of CIF value shall be added to arrive at the assessable
value and actual amount of insurance from country of manufacture
or first registration shall be added in the ascertained value.
In case of non-availability of insurance memo for any reason,
insurance amount as per existing practice shall be included
in FOB value.
The notification said the actual amount of ocean/air fright
etc as calculated from the country of original manufacture
shall be added for the purpose of ascertaining CIF value of
the imported vehicle.
The custom duties and taxes shall be worked out on the basis
of prescribed rate at the time of filing of the goods declaration
and the value of optional/additional accessories shall be
included in the value of the vehicle and shall be subject
to the rate of duty applicable to the vehicles in which the
accessories are fitted, the notification added.
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