Monday, June 14, 2021
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Local and imported small vehicles, electric vehicles will be cheaper – IG News

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Local and imported small vehicles, electric vehicles will be cheaper

The government has decided to reduce the sales tax on 850 cc vehicles manufactured in Pakistan from 17% to 12.5%, after which domestic and imported small vehicles and electric vehicles will become cheaper.

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The government has decided to give exemption from customs and regulatory duty on 850 cc imported vehicles and exemption from withholding tax.

The Finance Minister said in his budget speech that locally manufactured small vehicles were being exempted from value added tax and federal excise duty.

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It has been decided to reduce the sales tax rate for electric vehicles from 17 per cent to one per cent and reduce the customs duty for one year.

It has been decided to give exemption from advance customs duty to the manufacturers of new vehicles and new models.

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A reduction in taxes on certain types of locally manufactured heavy motorcycles, trucks and tractors has also been proposed.

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