ISLAMABAD: The Federal Board of Revenue (FBR) has launched a single identifier number for all domestic taxes.
An official announcement said that under this initiative a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise Duty by mere use of the Computerised National Identity Card if he/she is an individual.
In case of partnership firms and companies, the National Tax Number (NTN) shall be the common tax identifier number. In this manner the Sales Tax, Income Tax and Federal Excise laws have been harmonised. This is an important step towards ease of doing business and it will substantially improve Pakistan’s rating on this count.
The government has showered auto assemblers with a number of incentives like a cut in the Federal Excise Duty (FED) by 2.5 per cent, additional customs duty (ACD) from 7pc to 2pc and general sales tax (GST) to 12.5pc from 17pc on cars up to 1,000cc. Consumers have recently witnessed price cuts of Rs11,000-400,000 on different engine power vehicles.
Industry people believe that the cut in duties and taxes in Budget 2021-22 is an integral part of the new Auto Development Policy 2021-2026 and some more relief measures are on the cards when the new auto policy will be unveiled.
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The federal government has announced a reduction in prices of locally produced cars by slashing Federal Excise Duty (FED) and Additional Customs Duty (ACD) on cars of all capacities. This decision has been taken to help the country’s middle class buy small cars at affordable rates. The government also hopes that this reduction in taxes will help create a thriving automobile sector in the city. Local car production was started in Pakistan in 2000, and, currently, car manufacturers produce cars with around 60 percent deletion (parts produced by local vendors). With government support, local car makers may acquire manufacturing technology from an original equipment manufacturer (OEM) that will result in considerable cost reduction of locally made cars.
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