Sunday, April 14, 2024

Government Proposes Tax Cut to Lower Car Prices

The federal government of Pakistan has proposed to cut the tax and the duties on all small cars in the budget that is announced today for the fiscal year of 2021-2022; this decision is made to bring the overall small car prices down.

It was also said that the sales tax along with the excise duty and the other additional customs duty on all the cars up to 850cc will be slashed. However, according to the sources, the government has also proposed to reduce the tax on new motorcycle brands as well as the tractor models in the recent budget.

The sources has also highlighted that the federal government proposed Rs1,330 Billion defence allocation along with Rs3,105 Billion to be set aside for the interest payments.

However, the GDp- Gross domestic product growth target has also been set at a rate of 4.8% in the current budget of 2021-22.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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