The federal government has decided to impose an additional holding tax on locally made vehicles, which will increase prices by up to Rs 200,000 per vehicle. According to the Ministry of Industry and Production, the aim is to eliminate the “on-payment” system from the country.
The Ministry of Industries and Production says that under this system, the buyer has to book the car by paying the dealer extra money from the price of the car, which is in addition to the actual price. The purpose of which is to ensure early delivery of the vehicle. In this regard, the ministry has decided that if a buyer buys locally made goods and sells them within 90 days, he will have to pay an additional holding tax on it.
A news agency also claims that the ministry intends to impose holding tax on vehicles up to 1000 cc on vehicles of 50 thousand 1000 to 2000 cc and one lakh on vehicles of more than 2000 cc.
In a meeting of the federal cabinet, Federal Minister for Industries and Production Hamad Azhar had said that the car manufacturing companies were suffering due to the covid and they have started collecting wool payments again which was stopped at all costs.
It is also learned that electric vehicles are currently exempted from this policy while 2 and 3 wheelers will also be exempted from this policy.
