Ishaq Dar, Finance Minister of Pakistan presented the budget (2017-18) draft today. While giving out the budget speech, finance minister highlighted the importance of manufacturing industry in a country’s economy.
“Industry is the backbone of any country’s economy,” said, Ishaq Dar.
Owing to Pakistan’s booming auto-industry and increase in the demand for automobiles, the government has decided to provide relief on the withholding tax on new car registrations for income tax filers.
Most notably, this relief will be offered across three vehicle categories:
- The registration fee for an 800 cc automobile has been dropped to Rs 7,500 from RS 10,000.
- For a 1000 cc vehicle, the registration fee has been cut to Rs 15,000 from Rs 20,000.
- For vehicles having a capacity of 1300 cc, Ishaq Dar announced a price decrease to Rs 25,000 from Rs 30,000.