The world is seeing quite a lot of development in the automobile domain. Despite there being a shortage of silicon chips, vehicle production is quite steady. Pakistan is also seeing its fair share of new vehicle entries. Now, it seems we have a piece of good news. Tax exemptions are also going to be done on 1000cc vehicles.
2020 has been quite an eventful year. We are not talking about the release of a pandemic but the automotive industry. Vehicles are entering Pakistan by the dozen and the brands are quite new. From Changan releases and Hyundai vehicles, everyone wants a piece of the action.
New Exemptions
A small while ago, you must have read about the tax reduction on 800cc cars. It came as quite good news to everyone because this means the cars had become affordable. This is all part of the Prime Minister’s idea. He wants the middle class to have affordable vehicles. To accommodate that, 800cc cars are soon to have a 62% tax reduction.
In addition to that, GST was also expected to drop by a factor of 5%. The drop from 17% to 12% is also something which is going to help people purchase 800cc and lower cars. However, now we have a piece of good news to add to this one.
Tax Reductions
Under new regulations, tax exemptions are going to be done on 1000cc vehicles too now. Since the range has now reached 1000cc, a huge variety of vehicles have become affordable. This engine capacity is something that makes compact and sedans affordable. Yes, the Belta is 1000cc, a sedan and it will also come under this range.
The news is good news for the majority of the population of Pakistan. People might just storm the showrooms and online stores to buy these vehicles. Cars like Vitz and Passo will start to sell by a margin because of the tax reduction. While the reductions aren’t extremely high, they still deserve a mention to the general public. Pakistan is certainly moving forward in the automotive region.
Automobiles In Pakistan
We hope that this development brings even more good news for Pakistan. The more the vehicles are sold, the better the economy can soar. It can even be beneficial for the brands themselves because they get to advertise more cars. There is an immense amount of potential here in this regulation.
Let us wish that Pakistan continues to make huge bounds like this in the future. Maybe we get to see more and more vehicles as the decade progresses. More power to the Pakistani Industry!
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