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A Long Road to a Faster Lane?
Zeenat Chaudhary on how the automotive industry will fare in these uncertain times.
Ever since Karl Benz invented the world’s first motor car in 1886 – the Benz Patent-Motorwagen – the automotive industry has come a long way. From hi-tech Hondas and Chryslers to electric Teslas and Nios, the global industry contributes roughly three percent to all GDP output. Due to the pandemic, however, worldwide car sales have taken a hit and are expected to fall from $74.9 million in 2019 to under $62 million in 2020, according to Statista.
Industry Overview
In Pakistan, the automotive industry, which contributes 2.8% to the country’s GDP (source: Invest Pakistan), has faced a cycle of booms and busts since the 2000s. In fact, the auto industry was on a downward trend before Covid-19 struck, primarily due to rising taxes (Federal Excise Duty increased from 2.5% to 7.5% and Additional Customs Duty by seven percent) and the rupee’s depreciation against th
Parliamentary Committee Directs FBR to Formulate Strategy for Reaching Revenue Targets
The National Assembly Standing Committee on Finance and Revenue was held today under the chairmanship of Member National Assembly (MNA), Faiz Ullah.
Member, IR-Policy, Federal Board of Revenue (FBR) briefed the Committee regarding the position of Income Tax Refunds from July 1, 2020, to December 31, 2020, saying that the opening balance was Rs. 379 billion, which was Rs. 313 billion on December 31, 2020, as closing balance.
He further presented the slab-wise details of income tax refunds and pending refunds as of 01-01-2021. He also informed the committee about the updated status on sales tax refunds, including released up till July-December, 2020, in FASTER and Non-FASTER Refund System.