Auto

Budget 2022-23: Govt raises Tax on New Cars Over 1600cc by 100%

Budget 2022-23: Govt raises Tax on New Cars Over 1600cc by 100%

Budget 2022-23: The government has presented the fiscal budget for 2022-23, which includes several major adjustments. The government has suggested a 200 percent advance tax on the purchase of cars with engines larger than 1600cc in the 2019 budget.

The government has increased the advance tax on the aforementioned automobiles by 100 percent for non-filers solely. Although this tax will have no effect on the price of the car, it will help the government collect more taxes from people with a lot of money and bring them into the tax net.

The government would also charge buyers of high-end luxury electric cars (EVs) a two percent additional advance tax, according to the paper, though no limitations for that market have been given at this time.

Advertisement

The government wants to maintain the auto sector’s existing progress while also urging the industry to totally indigenize car and component production.

RELATED: Budget 2022-23 Live Updates: Prime Minister approves 15% increase in salaries of Government Employees

Read more on Latest Business News on Pakistanlounge.pk

 

 

Click to add a comment

Leave a Reply

Your email address will not be published.

Auto

Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

More in Auto

Toyota Aygo

Toyota Aygo Price In Pakistan 2022 – Specs, Picture and Features

Arsalan QureshiJune 25, 2022

Pak Suzuki Installment Plan 2022 For Bikes

Arsalan QureshiJune 25, 2022
Car’s Smart Card Status Via QR Code

How to Check Your Car’s Smart Card Status Via QR Code in Islamabad

Tariq AhadJune 25, 2022
Honda Vezel Pakistan

Honda Atlas to launch locally-assembled Vezel in Pakistan?

Arsalan QureshiJune 25, 2022
E Challan

LHC suspended the decision, declaring E-Challan illegal

Arsalan QureshiJune 24, 2022
Suzuki Cultus

Suzuki Cultus Will Be Discontinued In Pakistan

Arsalan QureshiJune 24, 2022

MG 3 Hatchback: New Version Of MG 3 Will be Launched in Pakistan – Javed Afridi

Arsalan QureshiJune 24, 2022
Honda HR-V

Honda HR-V Test Unit Price Revealed

Arsalan QureshiJune 24, 2022
Punjab’s Scooter Program

All You Need to Know About Punjab’s Scooter Program for Female Teachers

Arsalan QureshiJune 23, 2022

Pakistan lounge is Pakistan’s premiere magazine for news in politics, technology, entertainment, health and fashion etc.

Copyright © 2022 Pakistan Lounge