ISLAMABAD: The implementation of new taxes in the new financial year has increased vehicle tax rates, making it more challenging for consumers to purchase vehicles in Pakistan, ARY News reported on Monday.
According to the details, the new financial year has seen the introduction of a regulatory duty on the import of vehicles and spare parts. Additionally, tax rates on locally manufactured vehicles have also been jacked up.
Under the new tax regime, a fixed tax of 5 percent will replace the previous fixed amount of 10,000 PKR on vehicles up to 850 cc. For vehicles from 851 to 1,000 cc, a 1 percent tax will replace the previous fixed amount of 20,000 PKR.
For vehicles ranging from 1,001 to 1,300 cc, the fixed tax will now be 1.5 percent, up from the previous 25,000 PKR. Vehicles between 1,301 and 1,600 cc will incur a 2 percent tax instead of the earlier fixed amount of 50,000 PKR.
The tax on vehicles from 1,601 to 1,800 cc has increased to 3 percent from the previous fixed amount of 150,000 PKR. For vehicles from 1,801 to 2,000 cc, the tax rate is now 5 percent, up from the earlier fixed amount of 200,000 PKR.
For vehicles between 2,001 and 2,500 cc, the tax rate has been raised to 7 percent, an increase from the previous 1 percent. Vehicles from 2,501 to 3,000 cc will see an increased tax rate of 9 percent, also up from the former 1 percent.
Additionally, vehicles above 3,000 cc will now incur a tax rate of 12 percent, an increase from the previous 2 percent.
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