BEIJING: Moin ul Haque, Pakistan Ambassador to China, on Wednesday said that Pakistan is planning to enhance automobile annual production from 0.25 million to eight million units during next five years. “It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as […]
KARACHI: The sales of locally assembled / manufactured cars witnessed a growth of 58 per cent in September 2021 due to lower tax rates and rise in auto financing. According to data released by Pakistan Auto Manufacturers Association (PAMA), the automobile industry saw an increase of 58 per cent in vehicle sales to 22,079 units […]
State Bank of PakistanKARACHI: The State Bank of Pakistan (SBP) on Thursday amended regulations to prohibit financing for imported vehicles. “The changes in the PRs effectively prohibit financing for imported vehicles,” the SBP said in a statement. According to the statement, the SBP had revised Prudential Regulations (PRS) for Consumer Financing. This targeted step will help to moderate […]
ISLAMABAD: The Federal Cabinet on Tuesday approved the reduction of additional customs duty on import of auto parts from seven percent to two percent. The decision has been taken to promote indigenous production of vehicles in the country. This was disclosed by Minister for Information and Broadcasting Chaudhry Fawad Hussain at a press conference. He […]
ISLAMABAD: Prime Minister Imran Khan on Wednesday praised Toyota Motors for investing $100 million for locally production of hybrid electric vehicles. A delegation of Toyota Indus Motors Company Pakistan called on Prime Minister Imran Khan. The meeting was attended by Vice Chairman Shinji Yanagi and Chief Executive Officer (CEO) Ali Asghar Jamali. The meeting was […]
KARACHI: Pak-Qatar General Takaful has signed a Memorandum of Understanding (MoU) with PakWheels.com to promote auto Takaful products to its customers. Mehmood Arshad, Country Head – Marketing Pak-Qatar General Takaful and Suneel Sarfaraz Munj, Chairman PakWheels.com signed the Memorandum of Understanding along with senior officials, said a statement on Monday. Since its inception in 2003, […]
KARACHI: Mobilink Microfinance Bank Limited (MMBL) has signed a Memorandum of Understanding (MoU) with Universal Motors (Private) Limited for financing motor vehicles. The collaboration will facilitate MMBL Borrowers by allowing them to finance commercial vehicles from Universal Motors through subsidized offerings, according to a statement issued on Monday. President & CEO MMBL, Ghazanfar Azzam, and […]
KARACHI: Indus Motor Company Limited on Friday announced 152 per cent increase in profit after tax for the year 2020/2021. The company declared Rs12.83 billion as profit after tax for the year 2020/2021 as compared with Rs5.08 billion in the preceding year. The company declared Rs163.21 as earnings per share for the year under review […]
Federal Board of Revenue (FBR) has issued updated rates of withholding tax on purchase of motor cars during 2021-2022. Car manufacturers are required to deduct withholding tax under Section 231B(3) of Income Tax Ordinance, 2001 from purchaser of the motor card. WITHHOLIDNG TAX CARD 2021/2022 The rate of advance tax on registration/transfer of motor vehicles: […]
ISLAMABAD: Federal Board of Revenue (FBR) has issued updated rates of withholding tax on transfers of registration or ownership of motor vehicles during the year 2021/2022. Motor vehicle registration authority is responsible to collect the withholding tax on transfer of registration or ownership of motor vehicle under Section 231B(2) of the Income Tax Ordinance, 2001. […]