Thursday, November 30, 2023

Groundbreaking News on Upcoming Budget Unveils Car Price Updates

The federal government is considering imposing a withholding tax on locally manufactured cars. This has raised concerns among Pakistan Automotive Manufacturers Association (PAMA) due to the potential negative impact on an already struggling Automobile industry.

A letter addressed to the Chairman of the Federal Board of Revenue (FBR) highlighted that altering the foundation of the Withholding Tax would have adverse effects on the sale of locally produced vehicles.

PAMA has requested the FBR to reject this proposal, as it could have detrimental consequences on the sales of domestically manufactured cars. The association is concerned about the implications this decision may have on the industry’s stability and growth.

While the upcoming budget holds potential for changes in car prices. It is essential to carefully consider the implications of such actions. Striking a balance between revenue generation and supporting the local Auto industry will be crucial for fostering its sustainability and providing consumers with affordable options.

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