Demand of Auto Industry for budget 2023-24

LAHORE – Pak Suzuki Motor Company (PSMC) has requested Prime Minister Shehbaz Sharif not to impose any new or increase existing duties in the upcoming budget, especially on up to 1000cc vehicles.

PSMC is the most important producer of passenger vehicles and mild business motors in Pakistan. It has been facing a number of challenges in recent years, including:

  • Poor sales: Due to economic uncertainties, PSMC has seen a decline in sales in recent years.
  • Heavy taxes: PSMC has to pay a high amount of taxes on its products.
  • Import restrictions: The government has imposed import restrictions on a number of components used in the manufacturing of cars.

As a result of these challenges, PSMC has suffered huge losses. In the first quarter of the current year, PSMC has already suffered losses of Rs12.9 billion.

PSMC has also been forced to observe many “No Production Days” throughout the year. This has led to job losses and financial hardship for its employees.

PSMC’s dealers and vendors are also facing a number of challenges. Some of them have already closed down, and many more are on the brink of closure.

PSMC has requested the government to not impose any new duties and taxes in the upcoming budget. PSMC has also requested the government to relax import restrictions on components used in the manufacturing of cars.

PSMC believes that these measures will help it to recover from its losses and continue to contribute to the Pakistani economy.

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