Govt approves Rs 1.5 bln sales tax subsidy on locally manufactured tractors

 
492

Islamabad: July 28, 2020 (TNS): The government under its Agricultural Fiscal Package has approved Rs 1.5 billion sales tax subsidy on locally manufactured tractors in order to promote mechanization in agriculture sector to enhance per-acre crop output in the country.

Ministry of National Food Security and Research stated in a press release issued today that government had announced a fiscal package of over Rs 1200 billion in the wake of COVID-19 pandemic.

Under the package, sales tax subsidy at rate of 5% to locally manufactured tractors for one year was also approved. At present 5% sales tax is applied on the sale of each tractor.