Cheaper cars in Pakistan are a dream of every middle-class people, but it never comes true. In the 2021 budget, Pakistan’s government reduced some taxes on all cars to reduce car prices. But, after the US dollar rate increased, again cars prices went up. But, now the good news is, the government is removing additional custom duty on small cars.
According to news, the auto-industry and export policy approved by the cabinet has proposed to abolish practice exemption on small vehicles, 850cc, and additional customs duty on small vehicles.
Under the new auto policy, it is proposed to set an export target for vehicles, giving car companies a target of 10% exports by 2026.
According to news, it has been proposed to set a target of 2% for automobile companies next year, 4% in 2024, and 7% in 2025, while measures to increase exports of automobiles and spare parts, responsibility for negotiations with foreign countries, and tax on exports of vehicles and spare parts. Concessions are suggested.