ECC approves hike in sales tax for local auto manufacturers

ECC approves, sales tax hike, local auto manufacturers

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved a hike in sales tax proposal for vehicles manufactured and assembled in Pakistan, ARY News reported.

An ECC meeting of the cabinet was held in Islamabad in which the Federal Board of Revenue (FBR) proposed an increase in sales tax for auto sector manufacturing and assembling vehicles at the local level.

After a detailed discussion, the ECC cabinet approved the process for determining the 25 percent sales tax rate on locally manufactured and assembled vehicles.

Under this approved proposal, a sales tax of 25 percent will be levied on vehicles worth Rs four million or with 1400cc engines, meanwhile, the same tax imposition is expected to continue in the upcoming budget.

The imposition of a 25 percent sales tax on 1400cc vehicles is likely to result in a price hike.

Earlier to this, the ECC approved Rs 7,492.75 million proposed for subsidy in account of Ramazan Relief Package 2024.

A meeting of the ECC was held under the chairmanship of Caretaker Finance Minister Shamshad Akhtar, in which the participants approved a subsidy of Rs 7,492.75 million subsidy in account of Ramazan Relief Package 2024.

According to a press statement issued by the finance ministry, the package is aimed at providing subsidies to the targeted beneficiaries of the Benazir Income Support Programme (BISP), which is provided for in the budget for 2023-24.

The ECC also approved a proposal regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” presented to the forum by the Ministry of Commerce.



from ARY NEWS https://ift.tt/DS6AUqv

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