Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Chairman Syed Nabeel Hashmi has termed the federal budget 2012-13 normal, as under the circumstances it is not very bad. He said that changes in the income tax and sales tax regimes are welcome.
"We are happy to see Rs 10 billion allocation for the export promotion activities. It is hoped that now substantial amount shall be allocated for the engineering and auto sector" he said. Reduction of withholding tax from 1 percent to 0.5 percent on export proceeds shall further encourage exporters. He also welcomed hybrid vehicle tariff changes that may allow green vehicles into Pakistan. "Our strong demand to insure sales tax at auto parts markets and retail stage has once again not being implemented," he added. Further control on import of used cars regime that has so far taken away over 22,000 jobs from the Pakistan automotive industry is regretted.
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