The recent announcement of the 2023 budget has sparked nationwide discussions and has become the hottest topic in Pakistan.
Many people thought this budget would cancel the total tax on cars or increase it even more. Now, the issue is that car enthusiasts are not buying cars due to this belief that they will become cheaper in the budget, while those who wanted to sell their cars thought that the prices would increase even more.
However, in this budget, the government has stated that they will continue to follow the Automotive Industry Development and Export Policy (AIDEP) 2022-26, which means that they will neither increase nor decrease prices.
Keeping this in mind, it can be seen as good news for those anticipating an increase in prices, as the government has stated that they will not be increased. However, it can be considered bad news for those hesitant to sell their vehicles, expecting a price hike in the budget.
Thankfully, the tax document doesn’t have any clauses like that. So, here’s the good news: car prices won’t go up because of those potential tax hikes.
But here comes the bad news: since the economy is in a tough spot right now, the government didn’t offer any support to the car industry. That means there won’t be any decrease in car prices anytime soon.
As the new fiscal year begins, the industry is bracing itself for a challenging time, with car manufacturers facing significant hardships. Given the current circumstances, the prospects of new launches or advancements appear highly unlikely.
