ISLAMABAD: The government has recommended in the budget to reduce the tax on vehicles smaller than 850 cc, which is likely to reduce the prices of vehicles.
According to the details, the government has recommended in the federal budget 2021-22 to reduce the price of small vehicles. This is likely to reduce car prices.
The budget also proposes to reduce taxes on new motorcycle brands and new models of tractors, while the budget will also provide significant incentives in the export sector, with cheaper raw materials available, lower production costs and lower costs. Production will increase the consumption of domestic exports.
It may be recalled that the sources said that the proposal of amnesty scheme for 5 year old vehicles is being considered in the budget, after which old motor cars, jeeps can be imported up to 5 years old instead of 3 years.
FBR sources said that under the current scheme, 3-year-old motor cars can be imported. A proposal to abolish customs duty on imported raw materials is also under consideration.
It may be recalled that the federal budget for the financial year 22-2021 will be presented today. The volume of the third budget of the PTI government is Rs 8400 billion. Rs 1330 billion will be set aside for defense in the new financial year while the tax collection target will be Rs 5829 billion.
In the next budget, the GDP target has been set at 4.8 per cent while imports are estimated at 55 55.3 billion. The current account target is proposed to be 2 2.3 billion while remittance target is set at 31 31.3 billion.