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Government to Waive 50 Per Cent of Taxes Under New Electric Vehicle Policy

Minister for Industries and Production, Hammad Azhar has said that the government has planned to grant up to 50 per cent tax exemption to four-wheel electric vehicles under the newly proposed electric vehicle policy.

The minister made the announcement while briefing the National Assembly Standing Committee on Industries and Production on Tuesday. Hammad shared that the government had planned to waive 50 per cent of taxes applicable to the production of 1,800cc electric and hybrid cars.

The minister revealed that the government will also waive 25 per cent of taxes on cars having engine capacity of over 1800cc, adding that, “In addition, the government will waive the fee for registration and annual renewal for electric vehicles”.

Azhar pointed out, “The government had planned to announce a five year policy for four-wheel electric vehicles within the next two weeks. It will also waive 50 per cent duty on the import of four-wheel electric vehicles. The electric vehicle policy for two and three-wheelers is already in place.”

Hammad Azhar also highlighted that the government had been communicating with different countries for the manufacturing of electric cars. The government would try to maintain balance while finalising the policy and stressed that the government did not want to use existing players in the automobile segment”, said Azhar.

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