Pak Suzuki announces price hike for Alto variants
Pak Suzuki Motor Company has announced a price hike for its car models, with increases reaching as high as Rs120,000, effective from February 25, 2025. The automaker cited upgrades to its Suzuki Alto variants as the reason for the price revision.
The Suzuki Alto VXR MT now costs Rs2,827,000, reflecting a rise of Rs120,000. Meanwhile, the Alto VXR AGS and Alto VXL AGS see an increase of Rs95,000, bringing their new prices to Rs2,989,000 and Rs3,140,000, respectively. The price of the Suzuki RAVI pickup has also risen by Rs100,000, now priced at Rs1,956,000.
In a statement, the company emphasized its commitment to providing high-quality products, with the upgrades aimed at improving safety and comfort to meet customer expectations.
Alongside the price hikes, the Pakistan Automotive Manufacturers Association (PAMA) reported a notable surge in car sales in January 2025, with sales up by 73% month-on-month to 17,010 units. Year-on-year, car sales have increased by 61%, signalling a robust recovery in the country's automotive market.
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Express Tribune
16 hours ago
- Express Tribune
ECC okays Rs72b housing subsidy
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The Economic Policy and Business Development think tank has demanded slashing rates to 6% and ending guaranteed bank profits. To qualify, applicants must be first-time homeowners with valid identity cards and no property ownership. They can avail loans for up to 20 years. The scheme offers fixed rates of 5% for loans up to Rs2 million and 8% for loans between Rs2 million and Rs3.5 million for the first 10 years. After a decade, market rates will apply, which could reach as high as 15% based on current interest trends. The scheme supports the purchase or construction of homes up to 5 marlas or apartments up to 1,360 sq ft. Borrowers must contribute 10% of the cost upfront; the remaining 90% will be financed by banks. Commercial banks, Islamic banks, microfinance banks (MFBs), and the Housing Building Finance Corporation can participate. The State Bank of Pakistan (SBP) has endorsed the scheme's design for ensuring outreach and adherence to criteria. A full implementation mechanism for the markup subsidy and risk-sharing has also been prepared. The Pakistan Housing Authority Foundation will manage the programme. The government has decided to dissolve the Naya Pakistan Housing Authority to avoid duplication. Other decisions The ECC endorsed a report from the Ministry of Commerce on industrial competitiveness and the export-led growth of the steel sector, aligned with the National Tariff Policy 202530. The goal is to lower production costs and improve export competitiveness. The Committee approved a summary from the commerce ministry to file a Supreme Court appeal against a Lahore High Court decision granting gas/RLNG tariff concessions to M/s Ghani Glass Ltd. The ECC found the appeal tenable, given that concessionary tariffs for five export sectors have already been withdrawn. The ECC also approved Pakistan's Green Taxonomy, a proposal by the Ministry of Climate Change and Economic Coordination. The finance minister welcomed the initiative, calling it overdue and vital for enabling green project financing. To support skills development, the ECC approved a Rs1 billion government guarantee for issuing the Pakistan Skill Impact Bond (PSIB). This was moved by the Ministry of Federal Education and Professional Training. The committee encouraged the ministry to gradually adopt the public-private partnership model and finance future projects using its own balance sheet, thereby reducing dependence on sovereign guarantees. The Ministry of Industries and Production briefed the ECC on vegetable ghee and oil pricing trends. Despite adequate national stocks, the Committee expressed concern over weak transmission of limited pass-through of declining international prices to domestic consumers. It urged close monitoring to avoid price distortions or cartelisation. The ECC emphasised stronger coordination with the Competition Commission of Pakistan, National Price Monitoring Committee (NPMC), and provincial authorities through the Ministry of Industires and Production. The ECC approved a proposal by the Ministry of Information Technology and Telecommunication to revise charges for Radio-Based Services (RBS). It directed periodic revisions every 3-5 years to reflect economic and technological shifts. The Committee also endorsed a revised composition of the advisory panel overseeing the release of IMT spectrum, crucial for expanding mobile broadband in Pakistan. Finally, the ECC formally declared ship breaking and recycling as an industry, based on recommendations by the Ministry of Maritime Affairs. However, the ministry was asked to work with the Power Division to provide data on energy usage in the sector to enable accurate assessment of the implications of applying industrial power tariffs in place of the existing commercial rates.
Business Recorder
a day ago
- Business Recorder
‘Cruel initiative': Farmers call for end to 45% agricultural income tax
Small and progressive farmers have called for abolishing the 45% agricultural income tax, describing it as a cruel initiative that will annihilate the entire agriculture sector given they have been dealing with 20%-50% underpricing of agricultural produce since the last couple of years. These farmers have said they will challenge the tax in the courts while declaring it as 'illegal' and 'unconstitutional'. Moreover, the farmers say they already been paying 5% to 15% agricultural income tax and advance agricultural income tax worth Rs200 per acre since 1994. IMF agreed to spare agriculture sector from taxes, says PM Shehbaz Sindh Chamber of Agriculture (SCA) Senior Vice President Nabi Bux Sathio told Business Recorder: 'Let me dispel common misconception of industrialists and trade bodies that agriculturalists do not pay taxes.' 'We are paying taxes since 1994 while we are not given loans by banks and no privileges like special industrial zones or special export zones etc by the government. Has the government any justification to increase agricultural income tax from 15% to 45%, while agricultural produce in the range of Rs600,000 is exempted from the tax?' He said industrialists, wholesalers and retailers can fix prices of their products but agriculturalists are at the mercy of the market. SCA rejects '45pc agricultural income tax' 'We are getting low prices for our agricultural produce since Jan 2024 - around 19 months. We are getting 20%to 50% less money for wheat, paddy (rice), cotton, oil seed crops and others. However, we have got a better price of sugarcane.' 'There are three main inputs for crops such as seeds, fertilizers and diesel. I get a 50 kg bag of DAP [phosphatic fertilizer] at Rs9,000, urea at Rs2,600, 1kg of hybrid rice seed at around Rs1,500, per litre diesel at Rs186 in 2023, while they are right now being sold at Rs13,000, Rs4,400,Rs2,000 and Rs286 respectively at a local market,' he added. Farmers Organisation Council Sindh Chairman Jawaid Junejo said there is a plan to destroy the agriculture sector which may bring about food insecurity in the country. He said the government must review its decision and give relief to farmers so that they may grow crops which can benefit the country and countrymen.
Express Tribune
2 days ago
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IMF ties 4% tax removal to wider net
Listen to article Pakistan said on Thursday that the International Monetary Fund (IMF) did not allow it to abolish the additional 4% sales tax being collected from unregistered persons and instead linked the removal with a one-fourth increase in sales tax base. The supposedly punitive 4% extra tax is now a way of remaining outside the tax net as businesses feel comfortable with paying the additional tax and then recovering it through prices, instead of becoming part of the tax net. The IMF rejected a proposal to abolish 4% sales tax and asked to first register 50,000 more persons in the sales tax regime, said Dr Hamid Ateeq Sarwar, Member Inland Revenue Operations of the Federal Board of Revenue (FBR), during a meeting of the Senate Standing Committee on Finance. PPP Senator Saleem Mandviwalla chaired the meeting, which was convened to address concerns of the business community and recommend solutions. Mandviwalla supported efforts to discourage tax evasion and broaden the tax base. 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Faisalabad Chamber of Commerce and Industry President Rehan Bharara questioned whether the FBR used its earlier punitive powers, including the disconnection of electricity and gas supply. Out of 380,000 industrial connections and 5 million commercial connections, only 5% were in the name of current allottees, thus, they could not be disconnected, said Hamid Ateeq Sarwar. The low collection from retailers remains one of the concerns but the FBR on Wednesday made a surprising claim before Prime Minister Shehbaz Sharif that it got an additional Rs455 billion from the retail sector in the last fiscal year. The claim requires independent verification as there are concerns that some of the corporate sector firms are also included in the retail category. Officials of the FBR claimed that total income tax payments made by the retail sector in fiscal year 2024-25 were in fact Rs617 billion and the additional income tax was Rs455 billion. 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