The federal government has changed the automobile policy one time again and now they have reduced all taxes on local Assubmle vehicles. In addition, according to this auto policy, local manufacturers will increase the safety features, quality, and some other specs. As well this all the small vehicle that has come with 800cc engine will available on low price is market as soon. On the other hand, the government has decreased the custom duty, and excise duty on 800c engine vehicles made on a local scale. Further, some silent features about New Auto Policy Pakistan 2022 are going to be mentioned below.
New Auto Policy Pakistan 2022
Under this auto policy, prices of all vehicles made in Pakistan up to 800cc engine will decrease because the government decided that this is a basic need for every family. But these people cannot afford a small car. So tax duties are going to reduce by the government because everyone can easily buy a small car.
Some Special Feature New Auto Policy
- 10% to 25% import duties have been reduced on an electric vehicle.
- If people book a car and the company will not deliver within 2 months then the company will pay KIBOR + 3% amount.
- Every year government will revise the tax ratio on import vehicles.
- Till 2026, All local manufacturer companies set 10% export vehicles.
- The government has fixed a 1% duty on electric vehicle spare parts.
- Customer duty has been reduced by the government.
- The government will impose a 1% tax on electric bike spare parts.
- On hybrid vehicles, govt has decreased 8.5% sale tax.
- Regulatory duty up to 15% has decreased on above 1800cc engine hybrid vehicles.
New Car Financing Policy in Pakistan
The government of Pakistan has changed the new car finance policy because in the future people will not finance an imported car. While just only local cars will finance by a bank. Bust most important they have reduced the finance duration because firstly people will fiance car on seven-year but now have reduced to till 5 years.
- According to the new automobile policy duration of cars, finance has decreased from 7 to 5 years.
- The imported vehicle will not finance after imposing this policy.
- The duration of the personal loan has decreased while the new duration is 4 years.
- People will pay must downpayment in between 15% to 30%.
This is the latest info about New Auto Policy Pakistan 2022 while if the government will issue some more points about policy then we will update the people.