Tuesday, March 5, 2024
HomeLatest NewsMore Compassion and Patience required for a stable motorcycle industry

More Compassion and Patience required for a stable motorcycle industry

Government was kind enough to provide us, through Ministry of Industries, with a policy on how to get into this industry and develop business acquiring different incentives. They have provided a very eloquent road map on how to ride into this industry steadily. Moreover, we appreciate our National Board of Revenue implementing the new VAT Rule (VAT Rule-2012) successfully. However, it is seen that a vacuum has been created as the total rule of VAT & TAX proceedings has been changed overnight. Confusions have occurred at different stakeholders’ level due to lack of knowledge on the new law, something I feel even includes us. Being the representative of the world renowned motorcycle brand “Suzuki” as their only licensed manufacturer and country distributor, we have to follow all their compliances and rule of the land simultaneously. Now, we can see there is a lack of clarity on how the new price declaration will happen, whether we need it or not; how the intra-company exchanges of stocks will happen without any bank transactions, how the adjustments of VAT will be realized and few more. Let me provide a live example of a bottleneck situation that we are facing at the moment.



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