Senator Faisal Vawda opposed the imposition of new taxes in the fiscal year budget 2024-25, saying that the common man would not be able to buy a home.

Senator Saleem Mandviwala chaired a meeting of the Standing Committee on Finance that also opposed a proposal to impose of tax on hybrid and electric vehicles in the next fiscal year’s budget. Speaking on the occasion, the independent Senator said that due to the imposition of taxes in the new budget on the International Monetary Fund’s (IMF) ‘demand’, the property market in Pakistan has come to a halt.

Senator Faisal Vawda also opposed the imposition of additional taxes on hybrids and electric vehicles. He said that additional taxes on vehicles are not acceptable, demanding that the concerned minister should be summoned and asked for an explanation.

“The new taxes should not be proposed or else I will speak out openly. The electric vehicles are being encouraged all over the world but due to changes in taxes and policies no one sets up industry in Pakistan,” Senator Faisal Vawda said. “I know who is taxing the vehicles, I should not be forced to speak out in public,” he added.

The Senate Committee on Finance decided to call up Minister for Industries and Production Rana Tanveer Hussain Rana Tanveer Hussain to the committee for the explanation. During the meeting, the Senators were informed that the 25 percent tax exemption for vehicles costing more than 15 million has been proposed to be abolished.

At this Chairman Federal Board of Revenue (FBR) told the committee members that this was proposed by the Ministry of Industries and Production not by the FBR. The FBR officials said that taxes have been proposed on imported vehicles and locally manufactured would not be charged with additional taxes.