In the federal budget 2021-22, the government has also announced an auto policy.
In his budget speech, Finance Minister Shaukat Tareen said that the auto sector contributes a lot to the country's development and national exchequer. It provides employment to millions of people. Pakistan's auto market is very small but growing rapidly. Is. To develop this sector, it has been decided to exempt CBUs of cars up to 850 cc from customs duty and regulatory duty. In addition, manufacturers of existing vehicles and new models are being exempted from advance customs duty and the tariff structure is being streamlined.
"These measures will give the middle class a chance to buy their own car, which will make the government's My Car Scheme a success," he said. This will reduce the cost of small cars and many people will be able to ride a car instead of a motorcycle. In addition, the customs duty for electric vehicles is being reduced for one year, which will increase the use of these eco-friendly vehicles.
The Finance Minister said that similarly, keeping in view the changing trends of motorcycles globally, the tariffs on locally manufactured heavy motorcycles and certain types of trucks and tractors are also being reduced appropriately. These steps are expected to bring about revolutionary changes in the auto sector which has been made possible due to the vision of the Prime Minister of Pakistan Imran Khan and the tireless work of the Minister of Industries and Production Makhdoom Khusro Bakhtiar.
