Sunday, September 25, 2022

Pakistan approves electric-vehicle policy ahead of promise to cut emissions

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ISLAMABAD: In a long-awaited development, the federal industries minister said Tuesday Pakistan has approved Electric Vehicle policy for both locally produced and imported four-wheel cars, ARY News reported.

Earlier today, the federal minister for industries and production Hammad Azhar took to Twitter and announced the new EV policy includes the removal of Additional Customs Duty and Additional Sales Tax on the import of EV cars as an incentive.

For producers and manufacturers of EVs, it is announced that the import of plants and machinery for the manufacturing of EVs will be duty-free.

On the other hand, for manufacturers of these cars locally, Azhar said there will be only 1 per cent tax on the import of parts for EV vehicles.

Separately, another feature to ensure the growth of EV market is that on the purchase of electric-powered cars produced locally, up to 50kwh and light commercial vehicles up to 150 kwh, there will only be 1 pc sales tax liability.

Another incentive for Islamabad Capital Territory, Azhar said the registration and annual renewal fee for EV cars will be waived, in a bid to encourage its sales.

Moreover, the federal minister said the import duty on charging equipment, too, is limited at 1 pc while Federal Excise Duty is already exempted from EVs.

READ: ECC to mull issuance of Eurobonds for Mohmand, Diamer Bhasha dams

Separately today, Finance Minister Abdul Hafeez Shaikh summoned a meeting of the Economic Coordination Committee (ECC) to discuss a six-point agenda including the issuance of Eurobonds for Mohmand and Diamer Bhasha dams.

It is likely that ECC will give approval to the Karachi Transformation Plan in the forthcoming meeting. The committee deferred the matters related to the KTP in its previous two sessions.

The committee is also likely to approve a technical supplementary grant worth Rs500 million for the Ministry of Housing and Works.

Moreover, the ECC will deliberate upon the approval of issuing $500 million worth Eurobonds for Mohmand and Diamer Bhasha dams.

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