Vehicle Prices Down: The federal government has announced a reduction in local vehicle prices down to Rs. 230,000. The reduction in prices will be formally announced by local auto manufacturing companies through announcements today. The new prices will be implemented in a day or two. The FBR will also issue a federal budget notice to reduce duties and other taxes on small vehicles in a day or two. The advance payment for the first car purchase has been increased to 20%. The vehicle will be registered in the name of the buyer and the manufacturer will be fined for late delivery.
Federal Minister of Industry and Production Announced Vehicle Prices Down
Federal Minister of Industry and Production Khusro Bakhtiar during a press conference together with Federal Minister of Information Fawad Chaudhry said that the auto industry will reach international standards. Increased consumption of local vehicles will not only reach the 6% growth target, but also 300, 000, 75,000 local residents will also have employment opportunities.
Delving into the key points of the federal cabinet’s automotive policy for new vehicles, the Federal Minister of Industries and Production said that a balance would be maintained between local and exported vehicles in the automotive sector and the country’s engineering and manufacturing base would have to expand for sustainable growth. He said the sales tax on domestically manufactured small vehicles has been abolished, including reducing taxes for hybrid and electric vehicles, the change in tariffs and taxes on small and large vehicles will reduce prices by up to 230,000. Rupees.
Price of Vehicles
One lakh 5 thousand in the price of an 850 cc car, one lakh 42 thousand in the price of a thousand cc car, one lakh 86 thousand in the price of a 1200 cc car, one lakh 25 in the price of the car 1300 cc of the Toyota company. Rs 1,000 while the Honda City price will be reduced by the same amount. Similarly, the price of vehicles over 1,800 cc will be reduced by 170,000 rupees, while vehicles over 2,000 cc will be reduced by up to 230,000 rupees.
Payment for Vehicles by 20% in Easy Monthly Instalments
The Federal Minister said that we have reduced the initial payment for vehicles by 20% and we have also reduced the prices of small vehicles. The leasing process is also being streamlined so that people can get their vehicle in easy monthly instalments.۔ He said that time is required for production, the gap between supply and demand and the wool money problem can be prominent, so we have decided that the person who buys the car will register it in his name. If the manufacturer delays more than 60 days, there will be a penalty. The car will be reserved online so that each client can know the stage of manufacture of their car.
He said that last year total vehicle production was 164,000 but next year production will increase to 300,000 units while for fiscal year 2023-24 total vehicle production will increase to 500,000 units due to local vehicle manufacturing companies. . He demanded that the export of vehicles to the international market is not feasible since the national production does not reach 500,000. Increased vehicle production will employ 300,000 people, and motorcycle production is likely to rise from 2.6 million to 3 million, employing 75,000 people.
Review the Tax and Duty Rates in Federal Budget
The Federal Minister of Industries and Production said they will not allow excessive profits. Also, the new policy will review the tax and duty rates on parts every six months, the new policy of local auto companies. If there is no reduction in prices, we will allow the importation of foreign vehicles in August of this year. He said the auto policy would be presented to the cabinet in the first week of August. On this occasion, Fawad Chaudhry said that we have adjusted the direction of the Pakistani economy in 3 years, last year wheat, rice, sugar cane and corn had a record harvest and daily commodity prices are showing stability.
