Locally Manufactured Cars
In a significant move, the Economic Coordination Committee (ECC) has given the green light to several proposals, marking changes in the economic landscape of Pakistan. Chaired by caretaker Finance Minister Shamshad Akhtar on Wednesday, the committee approved a substantial increase in the sales tax on vehicles larger than 1400cc, raising it to 25%. This decision is poised to have a direct impact on the automotive industry and consumers alike.
Moreover, the ECC endorsed a hike in the price of gas during the meeting, asserting that companies should adjust prices in accordance with their requirements. This decision reflects a broader adjustment in the energy sector and is likely to have cascading effects on various industries and households.
In a bid to standardize pricing in the gas sector, the ECC took the decision to halt the sale of gas at reduced rates to fertilizer companies. Going forward, uniform rates will be applicable to all companies, marking a departure from the previous pricing structure.
Addressing concerns related to recent fertilizer price increases, the ECC directed the Competition Commission to take action against individuals involved in the pricing adjustments. This move is indicative of the government’s commitment to ensure fair competition and prevent undue price manipulation in essential sectors.
Furthermore, the ECC approved an increase in the price of locally-manufactured cars, specifically targeting vehicles with engine capacities of 1400cc and above. The sales tax on these cars has been elevated to 25%, signaling potential challenges for the automotive industry and a potential impact on consumer purchasing power.
In a separate development, the ECC sanctioned a budget of Rs125 billion for the Intelligence Bureau, underscoring the government’s commitment to bolster national security and intelligence capabilities. The decisions made during this ECC meeting signify a comprehensive approach to economic and security matters, with potential implications for various sectors of the Pakistani economy.
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