Government: New Car Financing Scheme in Upcoming Auto Policy
According to the report, the Government is ready to create a new car financing programme with a lower interest rate of 5 to 6 percent to assist their regular customers who are unable to acquire a vehicle due to significant price increases over the past few years.
According to Ministry of Industries and Production sources, the objective of this project is to familiarise the sales of fairly priced compact automobiles (i.e., 850 cc-1000 cc) with localization in locally produced cars. However, the funding method will be expanded to accommodate vehicles with engines larger than 1000 cc.
In addition to the financing facility, the Government has announced that the general sales tax (GST) on domestically produced cars up to 850cc will be reduced to 12.5% from 17% in the budget for 2021-22, after the exclusion of FED and value-added tax, in order to provide assistance to small car buyers. Especially the Pak Suzuki Motors Company Ltd (PSMCL) will enjoy a concession for small automakers.
Hamid Atique, Additional Secretary of the Ministry of Industries and Production, indicated that the ministry was attempting to conceal the tax portion of the forthcoming vehicle policy that will be included in the FY22 budget.
According to sources, auto industry stakeholders have also decided to provide incentives for hybrid vehicles in the following policy period (2021-26), similar to what they have provided for electric vehicles.
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