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Cabinet approves EV Policy for 4 wheelers: Hammad - Inside Financial Markets

Cabinet approves EV Policy for 4 wheelers: Hammad

– Associated Press of Pakistan

Federal Minister for Industries and Production, Hammad Azhar Tuesday said that Cabinet has given approval to the Electric Vehicle (EV) Policy for four wheelers.

In a Tweet, he highlighted the salient features of the policy, saying that it included removal of additional customs duty and Accounting Services and Tax (AST) on imports of EV cars.

He said that for manufacturers only 1% tax on import of electric vehicle parts will be imposed.

The policy also included fee waiver for the registration and manual renewal for EVs in Islamabad.

He said that 1% sales tax for locally made EVs up to 50 kilowatt hours (kWh) and light commercial vehicles up to 150 kwh.

He said that the duty on import of charging equipment has been capped at 1% while the Federal Excise Duty (FED) already does not apply to EVs.

The government also announced duty free import of plant and machinery for manufacturing of EVs, he added.

“Cabinet has today approved the Electric Vehicle policy for 4 wheelers.Salient features: – Removal of Addn Customs duty and AST on imports of EV cars. – For Manufacturers: only 1% tax on import of EV parts. Registration & annual renewal fee waiver for EVs in ICT. 1% sales tax for local made EVs up to 50kwh and light commercial vehicles up to 150 kwh. – Duty on import of charging equipment capped at 1%. – FED already does not apply to EVs. – Duty free import of plant and machinary for manufacturing of EVs”, he tweeted.

Syed Zaki Hussain

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