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The key points of the Electric Vehicles Policy 2020–2025 are the following: [31] Exemption of customs duty and additional sales tax on the import of four-wheel electric vehicles. Only 1% sales tax on locally manufactured electric vehicles (power up to 50 kwh). Also 1% sales tax on light vehicles (power up to 150 kwh).
In 2017, 52,874 models were made. The automotive industry in Pakistan is one of fastest-growing industries in the country, growing by 200% between 2020 and 2024. It accounts for 16% of Pakistan's GDP and employed a workforce of over 10 million people as of 2024. Pakistan is the 12th largest producer of automobiles.
In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation. According to the Pakistan Federal Board of Revenue's 2006-2007 year-book, tax and customs units in Karachi were responsible for 70.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. [3]
The period from July 1 to June 30 is considered as a normal tax year for Pakistan tax law purposes. Corporate Income tax rates Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%.
Karachi is now Pakistan's premier industrial and financial centre. The city has a formal economy estimated to be worth $190 billion as of 2021, which is the largest in the country. [37] [38] Karachi collects 35% of Pakistan's tax revenue, [39] and generates approximately 25% of Pakistan's entire GDP.
The purchase was given a subsidy of 6%, a federal government waiver on import duty and sales tax, and a 70% loan markup financed by the banks. According to the plan, the city needed 8,000 buses to replace aging, pollutant vehicles and improve Karachi's public transport infrastructure.
The Karachi Metropolitan Corporation didn't get to acquire the power for property tax collection under the act despite several efforts by its mayors which accounted for 7.2% of its total revenues, the Sindh government was inefficient in collecting property tax and according to the world bank Staff Upraisal report of 1993, delegating it to ...
Vehicle registration plates of Pakistan. Vehicle registration plates of Pakistan are issued by an agency of the provincial or territorial government. Generally, the appearance of plates is frequently chosen to contain symbols, colours, or slogans associated with the issuing jurisdiction. All vehicle registration plates use the Latin alphabet.
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