The government has approved an additional holding tax of up to Rs 2 lakh on the sale of new cars. According to the Express Tribune, the increase in wood holding tax by the government is aimed at discouraging the country from using the 'one-pay-as-you-go' system. The car has to be booked by paying extra money to the dealer so that the car is delivered ahead of time.
After the imposition of additional wood holding tax, no buyer will be able to buy a locally manufactured vehicle and sell it within 90 days and anyone who does so will have to pay an additional wood holding tax of up to Rs 2 lakh. In a meeting of the federal cabinet, Federal Minister for Industries and Production.
