While presenting the budget for 2017-18, Finance Minister Ishaq Dar highlighted that the manufacturing industry is a major player and contributor to the country’s economy. He referred to the automotive industry as the backbone of the economy.
“Industry is the backbone of any country’s economy,”-Ishaq Dar
Pakistan’s automotive has just recently experienced a sudden increase in the demand for vehicles, which the local manufacturers might find a little difficult to meet, due to lack of supplies and capacity.
In order to provide a bit of relief, the government has made the decision to withhold tax on new car registrations for income tax filers. This new change will be implemented on 3 vehicle categories:
- The registration fee for an 800 cc automobile has been dropped to Rs 7,500 from RS 10,000
- For a 1000 cc vehicle, the registration fee has been cut to Rs 15,000 from Rs 20,000
- For vehicles having a capacity of 1300 cc, Ishaq Dar announced a price decrease to Rs 25,000 from Rs 30,000
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