Dar Directs Revision In Collection Of Sales Tax On Auto Parts

Industry representatives highlighted how Standard Regulatory Order 896(1), meant to recover additional sales tax at two per cent from parts sold in retail markets, was actually increasing the cost of vehicles being manufactured. Dar admitted that this was an undesirable side effect of the tax aimed at collecting revenue from the value addition made by distributors, wholesalers and retailers of auto parts in the downstream supply chain who were previously outside of the net. Asserting that the sales made by auto parts manufacturers to automobile manufacturers/OEMs were not to be treated as retail sales, he stated that it was not the intention of FBR to subject these sales to extra tax. The finance minister directed FBR chairman to institute a case for removing such anomalies in the taxation system. At the meeting, PAAPAM Chairman Usman Malik said that they had an extraordinary session with the prime minister during Pakistan Auto Parts Show 2014 in Lahore and were assured that the government is serious in resolving the issues confronting the country. Malik gave a presentation to the finance minister on the current status of the automobile industry and the potential it has to make Pakistan a developed country in this regard given it lagged behind countries such as Indonesia and Brazil where 79 and 259 vehicles per 1,000 people respectively in comparison to 13 in Pakistan. <br>For the original version including any supplementary images or video, visit http://tribune.com.pk/story/681172/dar-directs-revision-on-collection-of-sales-tax-on-auto-parts/

Additional GST on auto parts sale withdrawn

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He said there were 13 vehicles per 1,000 people in Pakistan at present, whereas in Indonesia and Brazil the number of vehicles per 1,000 people was 79 and 259, respectively. Mr Malik said Pakistan was part of the group of 40 automobile producing countries in the world, and auto parts produced here were as per global manufacturing standard prescribed by leaders of the industry. <br>For the original version including any supplementary images or video, visit http://x.dawn.com/news/1092308/additional-gst-on-auto-parts-sale-withdrawn

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