Toyota Indus Motor Shuts Down Production Yet Again
- 05, June , 2023
Newstoday: The harsh possibilities and the troubles auto owners face in the auto industry due to Pakistan's non-production and high inflation rate. Once again, Toyota shuts down its plant after the PSX releases the notification. The reason behind the shortage and the shutting down is the shortage in the inventory and remaining closed from 3 June to 8 June. The trouble the auto sector is facing again is starting down its non-production days in June. Pakistan stock exchange notified the inventory shortage of the car assemblage plant.
The federal government is also planning to impose a withholding tax on automobiles after the increase in auto prices. PAMA also warned of dire consequences for what is already going through in the industry. FBR chairman stated that the basis of WHT will negatively impact car sales. Toyota and Suzuki have requested the government to reduce the auto industry tax. Automakers are requesting to reduce the engine-based WHT on automobiles. There is a fear in automakers' heart that if the same situation goes through it and there won't be any tax reduction, they have to put themselves out of business.