Sales Tax On Small Vehicles Abolished: Khusro Bakhtiar

Aizbah KhanWeb Editor

07th Jul, 2021. 03:12 pm
Sales Tax On Small Vehicles Abolished: Khusro Bakhtiar

Federal Minister for Industries & Production Khusro Bakhtiar has said that the government has abolished federal excise duty and customs duty on vehicles.

Addressing a press conference along with Federal Minister for Information and Broadcasting Fawad Chaudhry, Federal Minister Khusro Bakhtiar said the auto industry has the capacity to manufacture 415,000 vehicles adding that last year, 164,000 vehicles were manufactured and next year, it will reach the production of at least 300,000 vehicles.

He said that 300,000 new jobs would be created in the auto sector, 2.6 million motorcycles would be manufactured this year and 3 million next year and 75,000 jobs would be created by manufacturing motorcycles.

He said that efforts will be made to increase the target of vehicles to 500,000 by 23-2023, first-time car buyers will get incentives, monthly leasing system will be worked out in the near future, mandatory in the auto sector.

He said that if the price of vehicles goes down, then the demand goes up. Federal excise duty and sales tax on vehicles have been abolished.

The Federal Minister for Industries and Production said that the new prices would be implemented in a day or two, if the demand will increase for vehicles then the prices would be reduced and three lakh jobs would be created in the auto sector.

He said that the new policy is auto development and export policy, whoever buys a car has to register it in his own name, we want the vehicles to have safety features as per world standards.

The Federal Minister for Industries and Production said that additional customs duty was being charged from the consumers, this customs duty was not accumulating in the government treasury, customs duty on vehicles less than one thousand cc was abolished.

On the other hand, Fawad Chaudhry said, “Our expenses were high, our income was low, which led to an economic crisis in Pakistan and we were borrowing on loans and running our country. In these three years, Prime Minister Imran Khan’s biggest role is that we have changed the economic direction of Pakistan, we have reduced Pakistan’s current account deficit from $20 million to zero.

He said, “Industries in Pakistan were shut down which we have revived, our agricultural development had come to a complete standstill. More wheat was produced, the largest sugarcane crop in the history of Pakistan was harvested, we improved agriculture, we improved our loans, we reduced our current account deficit to zero and now we Moving forward ‘

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