Govt approves Rs1.5 bn subsidy on locally manufactured tractors
ISLAMABAD: 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 on Monday that the 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 the rate of five percent to locally manufactured tractors for one year was also approved. At present, five percent sales tax is applied on the sale of each tractor.