Karachi (Report: Special Correspondent) – Faraz-ur-Rehman, Founder and Chairman of Pakistan Business Group (PBGO), stated that the decision to reduce duties on imported cars in the federal budget may provide some relief to consumers, but at the same time, it is crucial to protect the local auto industry and all industries associated with it.
According to sources from the Federal Board of Revenue (FBR), a proposal has been made to reduce the customs duty on new imported cars ranging from 850cc to 1800cc by 5%. Currently, these cars are subject to heavy duties ranging from 50% to 100%. This proposal has been presented in light of the guidelines provided by the International Monetary Fund (IMF) to improve the business environment in Pakistan.
Faraz-ur-Rehman emphasized that if only imported cars are given relief while local industries, including allied industries, are neglected, it could harm the domestic industry. He stated that the government should consider the interests of local industries and related sectors in any decision to safeguard the economy and employment.
He further added that the government should make this decision under the principle of “Pakistan First” to promote the development of local industries and stabilize the national economy.
