Budget 2021-22: Tax To Be Reduced On vehicles smaller than 850 cc

Arhama Altaf

11th Jun, 2021. 04:31 pm
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In the federal budget 2021-22, being presented by Finance Minister Shaukat Tarin in the National Assembly (NA) today, it is expected that small cars and motorcycles will become cheaper.

According to sources, the budget 2021-22 will propose to reduce taxes on vehicles smaller than 850 cc.

A proposal to reduce sales tax, excise duty and additional customs duty on small vehicles are also under consideration, sources said.

In addition, a plan may be given to reduce the tax on various brands of new motorcycles and on new models of tractors.

Finance Minister Shaukat Tarin Presenting Third Federal Budget

The Pakistan Tehreek-e-Insaf (PTI) government begins presenting the federal budget 2021-22 with a total outlay of Rs7.136 trillion, a little expansionary to get economic recovery.

Prime Minister Imran Khan, federal ministers and PTI members are present in the National Assembly session.

As soon as the budget speech of the Fiance Minister commenced, the House erupted with the noisy response from the opposition benches.

Finance Minister Shaukat Tarin said that the volume of the federal budget has been kept at Rs 8,487 billion.

Finance Minister Shaukat Tarin said that it is an honour for him to present the third budget of the PTI government.

“We went bankrupt because of the debts, we inherited a deficit of $20 billion, interest rates were kept low and loans were taken from commercial banks,” he added.

Delivering a budget speech, the Federal Minister said that the interest rate was artificially kept low and all the loans were taken from the SBP which created a severe imbalance in the financial volume, the volume of loans from the SBP reached a dangerous level of Rs. 70 trillion.