ISLAMABAD – The federal government, led by Pakistan Muslim League-Nawaz (PML-N), in its sixth and final budget presented in the lower house of the Parliament on Friday by the newly inducted Finance Minister Miftah Ismail.
The government has proposed many incentives for almost every sector of the country including automobile industry.
According to the new auto policy proposed in the budget, people will not be allowed to buy a new vehicle, local or imported, worth over Rs4 million, until they file income tax return.
The new step taken by the government is to encourage people/non-filers to file income tax returns, which will increase the revenue of the government.
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The decision to put a ban on non-filers’ purchase of vehicles will not be welcomed by the auto-sector as it will highly affect their sales. The reason behind this is that major part of Pakistan’s population does not file tax returns.
The new decision proposed by the government will be discussed in the parliament and once finalized then non-filer will not be able to buy new cars.
Moreover, the government has also proposed the reduction of customs duty on import of firefighting vehicles from 30% to 10%.
