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Tax on Cars: Prices Of Cars After Annual Budget 2022-23

Tax on Cars: Prices Of Cars After Annual Budget 2022-23

Our Finance Minister, Miftah Ismail, has presented the first draft of the Annual Budget 2022-23 before the National Assembly. The Advance Tax, commonly known as Withholding Tax, on luxury vehicles has been suggested in the 2023 budget.

According to the official document, the government intends to raise the Advance Tax on cars with engines greater than 1600cc in order to shift the tax burden on the wealthy. The new Advance Tax rate for filer citizens is not specified in the legislation. The Advance Tax will be doubled for non-filers, from 100 percent to 200 percent.

Here are the cars that will be affected if the National Assembly approves this Annual Budget 2022-23 proposal.

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Cars Above 1600cc and Below 2000cc

In the 1600cc to 1999cc category, we have three locally made cars and two crossovers. For filers, the current Advance Tax on these cars is Rs. 75,000, while for non-filers, it is Rs. 150,000.

Toyota Corolla Altis Grande
Hyundai Elantra GLS
Hyundai Sonata 2.0L
Kia Sportage
Hyundai Tucson

Cars Above 2000cc and Below 2500cc

In the 2000cc to 2499cc category, there is one locally built car and one locally built jeep. For filers, the Advance Tax on this car is Rs. 150,000, while for non-filers, it is Rs. 300,000.

Hyundai Sonata 2.5L

BAIC BJ40 Plus

Cars Above 2500cc

In the  2500cc and above category, we have two domestically produced SUVs and two pick-up trucks. For filers, the current Advance Tax on these cars is Rs. 75,000, while for non-filers, it is Rs. 150,000.

Toyota Fortuner

Kia Sorento

Toyota Hilux

Revo ISUZU D-Max

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

Read more on Latest Business News on Pakistanlounge.pk

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