Tremendous Increase Car taxes proposed in the Mini Budget

The Federal Government has presented the mini budget couple of days back, Tremendous increase on car taxes proposed in the Mini Budget as follows;-

For locally assembled cars, the government has suggested following:

  • Federal Excuse Duty (FED) on locally assembled cars up to 1000cc to remain 0%
  •  FED increase to 5% from 2.5% on 1001cc to 2000cc cars.
  • FED on cars above 2000cc increase to 10% from 5%

Meanwhile, the FED on CBU cars is as follows:

  • FED on cars up to 1000cc will remain 0%.
  •  FED on cars of 1001cc to 1799cc will increased to 10% from 5%
  • FED on 1800cc to 3000cc cars will increase to 30% from 25%
  • FED on cars above 3000cc increased to 40% from 30%

Proposed Tax Increase on New car’s

Meanwhile, to curb the ‘ON Money’ the government has proposed following steps:

  • Advance Tax on Vehicle Registration of cars up to 1000cc will increase to Rs100,000 from Rs50,000.
  • Advance Tax increase on 1001cc to 2000cc cars to Rs200,000 from Rs100,000.
  • Advance Tax on 2100cc and above cars will increase to Rs400,00 from Rs200,000.

Please read this also

National Savings Center to Launch ATM/Debit Card Facility for the Customers

Advance Tax on Registration

The Government has also also to increase Advance tax  on car registration after the implementation of the new taxes car buyers will have to pay almost double amount across the board.

For more details Please visit & read this article: https://www.pakwheels.com/blog/mini-budget-proposed-tax-increase-on-cars/

 

 

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