After the ongoing economic troubles have nudged the local car assemblers to announce production cuts, one of the Japanese peers dubbed Pakistan Suzuki Motors Company (PSMC) comes with another official communique narrating future operational plans.
The company’s recent notification has informed that it has no plans to resume operation anytime soon in the country for January 2023. Extending the non-production days series, the automaker has announced that there will be no assembly operations from January 16 in the face of import restrictions inflicted by the State Bank of Pakistan. However, two-wheelers plants will resume operations.
It is pertinent to mention that the State Bank of Pakistan has recently eased the import embargo but, as per the PSMC, still feeling the aftershocks of prior curbs.
Slashes Tax On Commercial vehicles
In a bid to provide some relief, the incumbent government comes up with a reduction in registration tax for commercial vehicles. Media reports have disclosed that the federal government slashes the registration tax for commercial vehicles in the Excise and Taxation department of Islamabad Capital Territory (ICT).
As per reports the registration tax for the commercial vehicles is decreased from 4% to 1%. Earlier, govt reduced the customs duty on the assembly kits of small cars with 1000cc or smaller engines. As per an amendment notification issued by the revenue division, the duty has been decreased from 30% to 15%.
Moreover, the customs duty on tire tubes has also been brought down from 25% to 16%. Adding more to the relief, the government has also slashed the custom duty from 32.5% to 30% on the older model of 1000cc cars.
The notification has further informed that the recent relief of 15% comes with a validity period of 3 years and is applicable on new model cars certified by Engineering Development Board (EDB).
