The Federal Board of Revenue (FBR) has scrapped the additional 2% duty on almost 200 items including auto parts, reports a local media outlet.
As per details, the authority has issued a notification in this regard as well. Moreover, in the notification, it has also been said that regulatory duty on spare parts and raw materials which are used in the making of auto parts has also been reduced by the authority. Note here that this change in policy will come into effect from March 31 2019.
Aside from scrapping customs duty on auto parts, the government has reduced the prices of petroleum products by up to Rs.0.73 per litre.
Moreover, the levy on petroleum products has been raised by the government. The Ministry of Finance has increased the levy on petrol by Rs.4, and now it stands at Rs.14 per litre; previously it was Rs.10. Similarly, the tax on diesel has been increased to Rs.22 per litre from Rs.8. By increasing the levy, the government will be able to earn Rs.32 billion additional revenue for February.
For more automotive related news stay tuned to PakWheels.com.