Budget 2021-22 outlined a number of measures aimed at curbing car prices in the automobile sector. Finance Minister Shaukat Tarin announced tax exemptions for vehicles with an engine size of 850cc during the launch of the federal budget on Friday. Moreover, the government also lowered its sales tax on these cars from 17% to 12.5%.
Using these measures, people from the lower and middle classes would be able to afford their own automobiles. The automobile sector has seen rapid growth over the past few years, along with other segments of the economy.
Source: The Express Tribune