Here are the benefits of Pakistan’s first-ever Electric Vehicle Policy for end users

08:46 PM | 16 Dec, 2020
Here are the benefits of Pakistan’s first-ever Electric Vehicle Policy for end users

ISLAMABAD – The Economic Coordination Committee (ECC) has approved Pakistan’s first-ever Electric Vehicle policy for four wheelers with attractive benefits for public. 

Federal Minister for Industries and Production said that the policy will prove instrumental in rationalising costs of purchasing, manufacturing and promoting use of electric vehicles in Pakistan.

Meanwhile, Pakistan’s renowned business tycoon Javed Afrid shared the key benefits of the policy for end users on twitter. He said that no car registration and token fee will be charged while electric vehicles will be exempted from toll tax. 

He added that financing for electric vehicles will be provided to people on zero interest rate. 

Furthermore, people, who want to set up charging stations for electric vehicles, will be able to get investment/financing with zero interest rate. 

The income of the charging stations will also be exempted from taxes. 

The ECC, which is headed by Minister for Finance and Revenue Dr Abdul Hafeez Sheikh, also approved Mobile Device Manufacturing policy.

The forum approved removal of withholding tax of 4 percent on manufacturing to retailers of locally manufactured phones and removal of Sales Tax on locally manufactured phones.

The Finance Minister appreciated the detailed plan for rationalization of subsidies and directed to present a comprehensive summary.

Ministry of National Food Security presented a summary for provision of additional quantities of wheat to the Government of Azad Jammu and Kashmir and Utility Stores Corporation.

The Finance Minister directed to provide first load of the additional quantities to both AJ&K and USC on priority as an interim arrangement to ensure smooth supply of wheat across the country.

The ECC also accorded approval for issuance of offshore Pakistan Rupee linked Bonds to the International Finance Corporation.