Ishaq Dar who is the Finance Minister of Pakistan presented the budget (2017-18) draft just a couple of days back. While giving out the budget speech the finance minister highlighted the importance of manufacturing industry straight away into the country’s economy. He did add in one of his statements that the industry is the backbone of any country’s economy. As all the more owing to Pakistan’s booming auto-industry and increase in the demand for automobiles hence the government has decided to provide on with some of the relief on the withholding tax on new car registrations for income tax filers.
Government Is Gonna Reduce Car Registration Charges In New Budget
This relaxation has been settled on some of the categories of the vehicles in the three divisions. Hence the registration fee for an 800 cc automobile has been dropped to the range of Rs 7,500 from RS 10,000. In favor of the 1000 cc vehicle, the registration fee has been cut to the range of Rs 15,000 from Rs 20,000. In favor of the vehicles, it is having a capacity of 1300 cc as Ishaq Dar had announced a price decrease to Rs 25,000 from Rs 30,000.
Increased Demand of Vehicles in Pakistan:
It has been encountered that there has been a high demand for trucks and utility vehicles that have been decreased in 2016. There is a greater number of the European brands that do continue to enjoy the range of the highest market share with brands mentioning the names of Mercedes Benz. Hence the demand for spare parts, and so as the car care products and accessories have likewise on the whole increased as the number of used vehicles has reached around the limitation of the 600,000 units. The number of medium and heavy-duty trucks is in the neighborhood has the capacity limit of 250,000 units. Therefore as on the basis of the increased demand of the vehicles, the Pakistan government has decided that they will be reduced with the cost of the car registration charges straight away into the timeline of the new budget. But as at one side, the car registration has been reduced, there has been massively increased being witnessed in the automobile market over the cars by the brands.
In the Pakistan automobile market, you will encounter the increased number of the sub-sector best prospects of the car. They are indulging in the offering with the sports utility vehicles and so as the parts of the trucks, vans, and buses. They are also offering on with the all-terrain vehicles plus the specialized trucks and vehicles too.