The Toyota Indus Motor Company (IMC) once again announced non-production days (NPDs) in June, illustrating the industry’s ongoing problems.
Toyota Letter To PSX
The firm stated that the inventory deficit was the cause of the automobile assembly plant shutdown, which will occur from June 3 to June 8, 2023, in an official notice to the Pakistan Stock Exchange (PSX).
In the forthcoming budget, the federal government apparently plans to charge withholding tax (WHT) on locally built cars based on invoice price rather than engine size.
The Pakistan Automotive Manufacturers Association (PAMA) has responded by issuing a grim warning for the auto industry, which is already in trouble.
Changes to the WHT’s base will have a negative effect on the sales of locally produced cars, according to PAMA in a letter to the head of the Federal Board of Revenue (FBR).
PAMA has asked the board to reject this plan since it will unavoidably drive up the cost of its retail products. PAMA has also asked for the present engine-based WHT on automobiles to be decreased.
Toyota and other automakers are worried that their ongoing operational struggles may force them out of business. The government has not yet responded to the auto industry’s plea for assistance.
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