Tarin sees production of affordable vehicles under new policy

ISLAMABAD: The draft Auto Industry Development and Export Policy (AIDEP) is aimed at promotion of auto industry in the country by increasing the production of cars, motorcycles, tractors at affordable rates, Minister for Finance and Revenue Shaukat Tarin said on Thursday.

While chairing a meeting to review the draft AIDEP 2021-26, he said that priority was to ensure consumer welfare through availability of cars at affordable rates for the middle and lower income groups, said a press release issued here.

He said that government had provided major relief to the consumers by reducing Sales tax on 850cc cars along with exemption from value-added tax in the federal budget 2021-22.

Minister for Industries and Production Khusro Ba­­kh­tyar, Adviser to the Prime Minister on Com­me­rce Abdul Razak Dawood, Special Assistant to Prime Minister on Fina­nce and Revenue Dr. Waqar Masood, Secretary Finance Division, Secretary Com­merce, Sec­retary Ministry of Indus­tries and Production (MoIP), Chairman Federal Board of Revenue and other senior officers also attended the meeting.

The finance minister said the MoIP confirmed that prices of vehicles had been reduced commensurate with reduction in taxes and the industry had widely advertised for the information of the general public.