Senate panel seeks lower car prices
Calls EDB for briefing on pricing structure, quality and safety
If the pharmaceutical sector does not reduce prices of medicines, then the government should withdraw the relief, said Sena-tor Talha Mehmood, chairman of the standing committee. PHOTO: FILE
ISLAMABAD:
A Senate panel on Thursday linked reduction in duties for up to 850cc cars with drop in vehicles prices, as the government has proposed lowering taxes for two years to encourage the middle class to upgrade their living standards.
The Federal Board of Revenue (FBR) presented the reduced duties structure before the Senate Standing Committee on Finance. The FBR’s papers showed that the customs duties on import of completely knocked down locally produced parts is proposed to be cut from 46% to 30% and for non-local parts from 30% to 15%.