by The Economic Coordination Committee (ECC) has given the green light to a 25% sales tax on domestically manufactured cars, a move that will impact consumers grappling with the pinch of inflation. Dr. Shamshad Akhtar, the Federal Minister for Finance, Revenue, and Economic Affairs, helmed the committee meeting where this decision was made.
This decision underscores the government’s commitment to adhering to the International Monetary Fund (IMF) guidelines, a crucial step toward stabilizing the economy. As part of this commitment, the administration pledged to announce changes in gas prices by February 15.
Simultaneously, the cabinet has taken a significant step by imposing a 25 percent sales tax on Indian-made cars valued at over 40 lakh rupees. This move is anticipated to bolster the revenue of the Federal Board of Revenue (FBR) by more than 4 billion rupees.
Furthermore, the government plans to uphold the 25% car sales tax in the forthcoming budget, signaling a reliable fiscal strategy aimed at fortifying the nation’s financial framework.
Additionally, the Federal Cabinet has granted approval for the transportation and transfer of new tires and spare parts for vehicles acquired by the UNDP for use in Afghanistan. This decision, influenced by the Ministry of Commerce, is geared towards enhancing logistical efficiency, particularly in facilitating smooth operations from Karachi Port to Kabul.
These strategic measures exemplify the government’s proactive stance towards economic reform, setting the stage for sustained long-term growth and development.
