Tax double on motorbike, freezer, AC manufacturers, prices may go up

The government has set the income tax rate at 20 per cent on the manufacturers of freezers, refrigerators, motorcycles, air conditioners and compressors.

A gazette notification was issued in this regard on Tuesday (January 7). It was signed by NBR chairman Abdur Rahman Khan.

Currently, the companies pay a 10 per cent tax on their income.

The government has been giving tax breaks to these industries for a long time. These industries have now become much self-dependent. Their tax rates were reduced to protect domestic industries and make them self-dependent. That has been increased, said an NBR official.

The prices of motorcycles, refrigerators, ACs and compressors may increase, according to the concerned.