business
Friday Jun 10 2022
By

Budget 2022-23: Details of tax on cars from 850cc to 3000cc

A representational image of cars. — Reuters/File
A representational image of cars. — Reuters/File

ISLAMABAD: The government has unveiled the fiscal budget for 2022-23 which shows several significant changes. Under the new budget, the government has doubled the tax on cars with horsepower over 1,600cc.

"Provided that in cases where engine capacity is not applicable and the value of the vehicle 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 case of imported vehicles or invoice value in case of locally manufactured or assembled vehicles," the Finance Bill read.

Here’s a list of taxes to be paid on vehicles:

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