Earlier today, the Federal Cabinet has approved the new Electric Vehicle (EV) policy for four-wheelers.
As per the reports, the new policy specifies rules for electric-run four-wheelers along the lines of import and export, taxation, registration, and customs duty.
The striking features of the new policies were shared on Twitter by Hammad Azhar the Federal Minister for Industries and Production as soon as the government approved it.
As per the prominent features of the new EV policy, additional customs duty, as well as Additional Sales Tax (AST) on the import of EV cars, will now be aloof.
Under the new policy, only 1% tax will be charged on the import of EV parts for producers, while the government also surrendered the registration and yearly restoration fee of EVs for the ICT sector.
Now, there will be only 1% sales tax for locally made EVs up to 50kWh and light commercial vehicles up to 150 kWh.
The duty on import of charging equipment has now been covered at 1%, whereas the Federal Excise Duty (FED) already does not apply to EVs.
Moreover, as per the new policy, the import of plant and machinery for manufacturing of EVs will not be free of duties.
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