The government of Pakistan proposed a recommendation that the government will not allow non-filers to buy a new motor vehicle manufactured locally or imported until they file income tax return. The proposal has created panic among local automakers. CEO Toyota Indus Motor Mr. Ali Asghar Jamali while talking to a local media outlet said that 60 percent of our buyers are non-filers and if they are barred from purchasing car, the sales will drop sharply.
He also said that as of now there is no panic among the consumers as they are trying to figure out the proposal/new condition which government has put forth. It is worth mentioning here that the proposal once approved by the National Assembly of Pakistan will become law and from July 1, 2018, onward non-filers will be unable to buy a vehicle.
While talking to the media CEO Indus Motors also revealed that this new condition or proposal doesn’t apply to used car buyers.
Aside from purchasing a vehicle, non-filer will not be allowed to buy property over PKR 40 lac, until they file income tax return.
Moving onward, a few days back Senate’s Standing Committee on Finance recommended the government to give some leverage to non-filers. The body asked the government to allow non-filers to buy or import cars up to 1000cc to give relief to the middle-class population of the country. Let’s see what government will do in this regard.
Let us know what you think in the comments section below.