A well-known auto parts maker in Lahore has announced shutting down its production unit making bus and truck parts.
According to the company’s management, the Pakistani government has imposed 27 percent tax on the tractor making industry and that is unfair. Therefore, the company has decided to shut down the production unit indefinitely on August 26. The company has informed the Pakistan Stock Exchange of its decision by a letter.
On the other hand, federal minister for industrial production Rana Tanvir Hussain has said that he is aware of this development and the government is reviewing the situation. He said the government is reviewing the newly imposed taxes and it would sit with the auto parts maker soon to resolve this issue.
