Imposition of heavy taxes, announcement of closure of production plant of a major auto parts company

LAHORE: In view of heavy taxes imposed by the government, a well-known truck and bus parts manufacturing company has announced to close its production plant.

According to the management of a leading truck and bus parts manufacturing company in Lahore, our tractor industry has been taxed at 27% which is illegal.

He said that it has been decided that the production plant will remain closed from August 26 for an indefinite period.

The company informed the Pakistan Stock Exchange by writing a letter regarding the closure of the production plant for an indefinite period.

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On the other hand, Federal Minister for Industries and Production Rana Tanveer Hussain said that this matter is known to me and is being reviewed.

He said that we are reviewing the taxes. Will sit with the management of the company and solve the matter soon.