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Cars to get more expensive in Pakistan after imposition of 25pc sales tax

01:08 PM | 15 Feb, 2024
Cars to get more expensive in Pakistan after imposition of 25pc sales tax

Automobile prices are already in no man's land as car dealers lament the huge taxation and import curb that drives the industry into dire straits.

The outgoing government now okayed 25pc sales tax on locally manufactured vehicles, in another blow to consumers who are already struggling with record high prices.

In the recent meeting, Finance Minister Dr Shamshad and other officials approved 25pc sales tax on locally made vehicles, targeting cars with engine over 1400 cc.

The government's new move eyes garnering revenue, but it will further deteriorate the automobile market. 

In a similar development, automobile sales in January 2024 improved by 30pc compared to January 2023. Passenger car sales saw little improvement reaching 7,802 units compared to 6,021 units in January 2023.

In last couple of years, economic and political uncertainties have been cited as reasons for the downturn, with ongoing crises in the industry expected in the next quarter.

Overall, soaring car prices, record high auto financing, and low consumer purchasing power contributed to the sales in the first seven months of fiscal year.

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 19 April 2024

Pakistani currency saw minor adjustment against global currencies on April 19, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal's new rates was at 73.30.

Today’s currency exchange rates in Pakistan - 19 April 2024

Currency Symbol Buying Selling
US Dollar ‎USD 277.4 280.4
Euro EUR 293 296
UK Pound Sterling GBP 342.25 345.65
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.09 748.09
Canadian Dollar CAD 201 203
China Yuan CNY 38.44 38.84
Danish Krone DKK 39.69 40.09
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.64 911.64
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.31 25.61
Omani Riyal OMR 722.87 730.87
Qatari Riyal ‎QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.08 307.58
Thai Bhat THB 7.56 7.71


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