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Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. AFP/File
KARACHI: As the auto assemblers anticipate jump in vehicle prices on account of spiralling raw material prices on world markets, another cost pressure has emerged following removal of export tax rebate by China on 146 kinds of steel products from May 1, 2021.
At the analyst briefing held last week, Pak Suzuki Motor Company Ltd (PSMCL) and Indus Motor Company (IMC) cautioned about price hikes in vehicles.
Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. However, the potential impact of the ongoing third wave of Covid-19 is also under consideration.
PAAPAM seeks refunds clearance
May 4, 2021
LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the Federal Board of Revenue (FBR) to clear around Rs5 billion sales tax refunds of the tractor industry immediately, as non-disbursement of refunds might cause a delay in the payment to the vending industry.
In a joint statement, PAAPAM Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar, and Vice Chairman Irfan Qureshi said that the tractor industry is facing a severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds of around Rs3.5 billion, while Rs1.4 billion of Al Ghazi are pending for the last one-and-a-half years.
Auto parts body demands release of tax refunds
Cautions govt if payments are held back, tractor parts makers will face trouble
In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE
LAHORE:
The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has urged the Federal Board of Revenue (FBR) to clear around Rs5 billion worth of sales tax refunds of the tractor industry immediately as non-disbursement of refunds may cause a delay in payments to the vending industry.
In a joint statement, Paapam Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar and Vice-chairman Irfan Qureshi pointed out that the tractor industry was facing severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds were worth about Rs3.5 billion while Rs1.4 billion of Al-Ghazi Tractors had been outstanding for the last one and a half year.
Salman Khan
KARACHI: As the Auto Policy 2016-21 nears its end on June 30, 2021, consumers have not witnessed any rolling out of small 800cc or below cars by new international entrants who instead raced towards introducing sports utility vehicles (SUVs) and high engine power models under duty concessions.
There are also no signs that any international carmakers will be starting a greenfield project for manufacturing 800cc or below vehicles needed by the masses.
Pakistan attracted over one billion dollars in investment from new entrants mainly from Korea and China under the Auto Policy 2016-2021.
The key objective of the 2016-21 auto policy was to bring competition that would result in reduction of car prices, especially in the entry level segment so that the middle-class population of the country would be able to purchase smaller cars.