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Budget 2022-23: How much tax imposed on cars from 850cc to 3000cc

Budget 2022-23: How much tax imposed on cars from 850cc to 3000cc

ISLAMABAD: The government has released the fiscal budget for the fiscal year 2022-23, which includes several substantial adjustments. The government has raised the levy on cars with more than 1,600cc of horsepower in the 2023 budget.

“Provided that in cases where engine capacity is not applicable and the vehicle’s value is Rs5 million or more, the rate of tax collectable shall be 3% of the import value, as increased by customs duty, sales tax, and federal excise duty in the case of imported vehicles, or invoice value in the case of locally manufactured or assembled vehicles,” the Finance Bill stated.

The following is a list of automobile taxes to be paid:

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S.No

Engine Capacity

Tax

(1)

(2)

(3)

1.

Upto 850cc

Rs10,000

2.

851cc to 1000cc

Rs.20,000

3.

1001cc to 1300cc

Rs25,000

4.

1301cc to 1600cc

Rs50,000

5.

1601cc to 1800cc

Rs150,000

6.

1801cc to 2000cc

Rs200,000

7.

2001cc to 2500cc

Rs300,000

8.

2501cc to 3000cc

Rs400,000

9.

Above 3000cc

Rs500,000

RELATED: BUDGET 2022-23: Govt hs imposed a new tax on all cars worth more than Rs. 5 million

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

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