Budget 2018-19: Government reduces taxes on automobile, home appliances

07:14 PM | 27 Apr, 2018
Budget 2018-19: Government reduces taxes on automobile, home appliances
ISLAMABAD -  The federal government has announced a reduction in prices of automobiles and home appliances in Budget 2018-19.

The customs duty on the import of electronics and electric cars have been reduced.

  • 16% customs duty tax on electric cars charging station waived off.
  • Customs duty on the import of electric cars reduced to 25% with 50% reduction.
  • 15% reduction in regulatory duty on hybrid cars.
  • 10% less duty on assembling kit of electric cars.
  • 5% reduction in customs duty on import of raw material of LEDs.

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Miftah highlighted the efforts made by the government to revive the automobile industry, which, according to him was in shambles after Pakistan Muslim League Nawaz assumed office.

The auto sector has truly benefitted in the last five years, witnessing a phenomenal increase in sales that has prompted fresh investments and expansion plans in the industry, said the Finance Minister.

Earlier, Korean players including Kia, Hyundai and SsangYong Motor Company, Germany’s Volkswagen, French carmaker Renault and Japan’s Nissan had announced that they would assemble vehicles in Pakistan.

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Let it be known that the current year’s budget is the first one under the chair of Prime Minister Shahid Khaqan Abbasi.