Under the 2020-21 budget, the government has imposed Federal Excise Duty (FED) on the double-cabin trucks, including the locally assembled Toyota Hilux Revo and the Isuzu D-Max V-Cross. As per the reports, the FED on the locally assembled double-cabin trucks shall be 7.5%, and a whopping 25% on the imported double-cabin trucks.
The situation for this particular segment appeared incredibly bleak even prior to the budget announcement due to the ongoing pandemic induced crisis. A few days prior, Pakistan Automotive Manufacturers Association (PAMA) reported that only 3 Isuzu D-Max trucks were sold last month as compared to 70 in May 2019.
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Whereas Toyota sold just 72 Hilux units in May 2020 as compared to 468 units that were sold during May 2019.
The report also highlighted that Hilux has observed a 37% decrease in sales, with 3,310 units in the current fiscal year as compared to 5,323 units that were sold within the same time last year. Whereas Isuzu D-Max saw a 30% sales growth, with 449 units sold during the Fiscal Year 2020 as compared to 343 units 2019.
In a recent development, Isuzu had announced the launch of the D-Max V-Cross Facelift after Eid in Pakistan. The car was to feature a slightly upgraded exterior design with new headlights and front grill design, along with a few upgrades in the interior of the car as well. Toyota has also launched a facelift of the Hilux in Thailand that also features a bunch of exterior design and interior upgrades.
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In his address, Federal Minister of Industries and Production, Hammad Azhar stated that these vehicles are intended for performing commercial duties only. “However, some people are using this vehicle as a status symbol in Pakistan,” he added, in justification of why the government has revised taxes on this segment.
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