Sunday, September 25, 2022

Budget 2022-23: Tax rate increased on non-filers

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ISLAMABAD: The federal government has jacked up tax rates on non-filers buying cars from 100 to 200 percent, ARY News reported on Friday.

The decision was announced by Finance Minister Miftah Ismail while presenting the Budget for the fiscal year 2022-23 (FY23) in the National Assembly.

The government has also increased advance tax on vehicles with an engine capacity of 1600CC or above.

In the case of electric engine, 2 percent advance tax will be imposed. Meanwhile, the ban on the import of vehicles will continue to be in place.

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