A 25% sales tax on cars made domestically has been approved by the Economic Coordination Committee (ECC), which will hit consumers already struggling with inflation’s effects on Wednesday.
The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, chaired the committee meeting.
The administration has reaffirmed its commitment to following the guidelines the International Monetary Fund (IMF) laid out, marking an important step toward economic stability.
The administration had already promised to disclose changes to gas prices by February 15 as part of this commitment.
Also Read: Procedure and Services Details of New Online Driving License System in Punjab
This declaration comes at the same time that the cabinet makes the crucial decision to impose a 25 percent sales tax on cars made in India that are worth at more than 40 lakh rupees.
The action is expected to provide the Federal Board of Revenue (FBR) with a significant boost in revenue, estimated to be more than 4 billion rupees.
In the future, the plan to maintain the 25% car sales tax in the upcoming budget indicates a dependable budgetary strategy designed to strengthen the country’s financial system.
In addition, the Federal Cabinet has approved the transportation and transfer of new tires and spare parts for the UNDP-acquired vehicles used by the Afghanistan Country Office. This will all be done to improve logistical effectiveness.
The suggestion from the Ministry of Commerce led to this decision, making it easier to conduct smooth operations from Karachi Port to Kabul, Afghanistan.
The government’s proactive approach to economic change is reflected in these strategic measures, which open the door for long-term, sustainable growth and development.
