{"id":64633,"date":"2020-04-27T10:00:17","date_gmt":"2020-04-27T05:00:17","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64633"},"modified":"2020-04-24T15:29:12","modified_gmt":"2020-04-24T10:29:12","slug":"automobile-industry-tax-relief-govt-request-covid-pandemic","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/automobile-industry-tax-relief-govt-request-covid-pandemic.html","title":{"rendered":"Automobile manufacturers ask govt for tax relief due to drop in sales"},"content":{"rendered":"\n<p>Lahore: Automobile manufacturers in the country have asked the federal government to provide tax relief in the wake of sharp drops in demand affecting the automobile industry, according to a news source. A representative from one of the major automobile firms revealed that the industry had already faced a drop in demand by almost 50% due to the taxation policies implemented in the first quarter of the current fiscal year. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/steel-industry-requests-permission-resume-operation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Steel industry requests permission to resume operations to assist construction sector<\/a><\/p>\n\n\n\n<p>He added that the COVID-19 crisis had led to a further drop, leading to huge financial losses for the sector. \u00a0According to the source, if this lockdown continues, the industry will not be able to pay its suppliers, employees, or utility bills. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/pdma-authorised-lead-all-coronavirus-relief-activities-punjab.html\" target=\"_blank\" rel=\"noreferrer noopener\">PDMA authorised to lead all coronavirus relief activities in Punjab<\/a><\/p>\n\n\n\n<p>The tax <a href=\"https:\/\/www.zameen.com\/news\/construction-industry-package-approved-after-consultations-imf-umar.html\" target=\"_blank\" rel=\"noreferrer noopener\">relief<\/a> measures the sector\u2019s representatives suggested are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Slash import duties on completely-knocked-down kits to 10% till December<\/li><li>Remove Federal Excise Duty (FED) on locally manufactured vehicles<\/li><li>Withdraw 3% additional sales tax on automobiles<\/li><li>Reduce minimum tax from 1.5% to 0.25% for manufacturers, vendors, and dealers<\/li><li>Cut general sales tax by 50% till December<\/li><li>Revoke the increase in additional customs duty for imports<\/li><li>Release outstanding refunds of income tax and sales tax to the industry<\/li><li>Reduce income tax for salaried people by 25% for the tax year 2019<\/li><li>Exempt withholding tax on salaries for the last quarter of the current fiscal year<\/li><li>Reduce corporate tax rate to 28%<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: Automobile manufacturers in the country have asked the federal government to provide tax relief in the wake of sharp drops in demand affecting the automobile industry, according to a news source. A representative from one of the major automobile firms revealed that the industry had already faced a drop in demand by almost 50% due to the taxation policies implemented in the first quarter of the current fiscal year. Read: Steel industry requests permission to resume operations to assist construction sector He added that the COVID-19 crisis had led to a further drop, leading to huge financial losses for the sector. \u00a0According to the source, if this lockdown continues, the industry will not be able to pay its suppliers, employees, or utility bills. Read: PDMA authorised to lead all coronavirus relief activities in Punjab The tax relief measures the sector\u2019s representatives suggested are: Slash import duties on completely-knocked-down kits to 10% till December Remove Federal Excise Duty (FED) on locally manufactured vehicles Withdraw 3% additional sales tax on automobiles Reduce minimum tax from 1.5% to 0.25% for manufacturers, vendors, and dealers Cut general sales tax by 50% till December Revoke the increase in additional customs duty for imports Release&hellip;<\/p>\n","protected":false},"author":58,"featured_media":61761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[27211,24075,24801],"persona":[],"class_list":{"0":"post-64633","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-automobile-industry","9":"tag-covid-19-pandemic","10":"tag-tax-relief-measures","11":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Automobile industry asks for COVID-19 relief - Zameen News<\/title>\n<meta name=\"description\" content=\"The automobile industry has asked the government for tax releif measures in view of the drastic drop in demand during the pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/automobile-industry-tax-relief-govt-request-covid-pandemic.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Automobile industry asks for COVID-19 relief - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The automobile industry has asked the government for tax releif measures in view of the drastic drop in demand during the pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/automobile-industry-tax-relief-govt-request-covid-pandemic.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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