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Monday 08 July, 2024
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Suzuki pleaded with the PM not to raise taxes on vehicles up to 1000cc

BY Shahzad Saeed Jun 05, 2023. 06:07 pm UPDATED: Jun 05, 2023. 06:07 pm

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Pak Suzuki Motor Company (PSMC) has recently suffered significant setbacks as a result of sluggish sales, price increases, tax rate increases, and import restrictions—the devil of the auto industry. The latest government proposals to raise taxes, even more, could be the final straw.

By sales and production volume, Pakistan’s biggest automaker has written an open letter to Mian Shahbaz Sharif, the country’s acting prime minister, pleading with him to reject the aforementioned plan.

The letter says: “Here, we would like to bring to kind notice that PSMC is going through the very worst of times in its history of about 40 years. The company has already suffered huge losses of Rs. 12.9 billion in the first quarter of the current year due to current economic uncertainties. The company is also observing many “No Production Days” every month throughout the year. In addition to this, our dealers and vendors are also suffering very badly due to the current economic and business situation, as some of them are already closed and many more are on the bring of closure.”

Suzuki urged the Prime Minister to oppose tax increases on vehicles with engines under 1,000cc. Given that the majority of the automaker’s lineup consists of vehicles with 1,000cc or smaller engines, this seems like a wise decision.

The government’s plans to raise taxes in the upcoming budget have drawn criticism from the auto industry. If the government hears their collective SOS distress calls, only time will tell.

Read more: Hajj 2023: More than 40,000 Pakistanis have arrived in Saudi Arabia

 

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