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The government has showered auto assemblers with a number of incentives like a cut in the Federal Excise Duty (FED) by 2.5 per cent, additional customs duty (ACD) from 7pc to 2pc and general sales tax (GST) to 12.5pc from 17pc on cars up to 1,000cc. Consumers have recently witnessed price cuts of Rs11,000-400,000 on different engine power vehicles. Industry people believe that the cut in duties and taxes in Budget 2021-22 is an integral part of the new Auto Development Policy 2021-2026 and some more relief measures are on the cards when the new auto policy will be unveiled. ....
Indus Motor, Suzuki reduce car prices tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. AFP/File KARACHI: As the auto assemblers anticipate jump in vehicle prices on account of spiralling raw material prices on world markets, another cost pressure has emerged following removal of export tax rebate by China on 146 kinds of steel products from May 1, 2021. At the analyst briefing held last week, Pak Suzuki Motor Company Ltd (PSMCL) and Indus Motor Company (IMC) cautioned about price hikes in vehicles. Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. However, the potential impact of the ongoing third wave of Covid-19 is also under consideration. ....
PAAPAM seeks refunds clearance May 4, 2021 LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the Federal Board of Revenue (FBR) to clear around Rs5 billion sales tax refunds of the tractor industry immediately, as non-disbursement of refunds might cause a delay in the payment to the vending industry. In a joint statement, PAAPAM Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar, and Vice Chairman Irfan Qureshi said that the tractor industry is facing a severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds of around Rs3.5 billion, while Rs1.4 billion of Al Ghazi are pending for the last one-and-a-half years. ....
Auto parts body demands release of tax refunds Cautions govt if payments are held back, tractor parts makers will face trouble In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has urged the Federal Board of Revenue (FBR) to clear around Rs5 billion worth of sales tax refunds of the tractor industry immediately as non-disbursement of refunds may cause a delay in payments to the vending industry. In a joint statement, Paapam Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar and Vice-chairman Irfan Qureshi pointed out that the tractor industry was facing severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds were worth about Rs3.5 billion while Rs1.4 billion of Al-Ghazi Tractors had been outstanding for the last one and a half year. ....