Annual Budget 2022-23 Affected These Cars

Asadullah

11 Jun 2022

663

Annual Budget 2022-23 Affected These Cars

The Federal government has officially announced the 1st draft of Annual Budget 2022-23. Finance Minister Miftah Ismail presented the Budget 2022-23 in the National Assembly. The Advance Tax, also known as With-holding Tax on luxury vehicles is proposed to be increased in the new budget 2022.

According to the budget document officially issued, the government plans to increase the Advance Tax on cars above 1600cc to transfer the tax burden to the leading class. The new rate of Advance Tax for filer citizens is not yet mentioned in the document. The Advance Tax will be doubled, from 100% to 200% for non filers.

If National Assembly approves this Annual Budget 2022-23 proposals, these cars will be affected:

Cars Above 1600cc and Below 2000cc

There are three locally assembled sedans and two crossovers in the 1600cc to 1999cc category. The current Advance Tax on these cars is Rs. 75,000 for filers and Rs. 150,000 for non-filers.

• Toyota Corolla Altis Grande

• Hyundai Elantra GLS

• Hyundai Sonata 2.0L

• Kia Sportage

• Hyundai Tucson

Cars Above 2000cc and Below 2500cc

We have one locally assembled sedan and one jeep in the 2000cc to 2499cc category. The current Advance Tax on this car is Rs. 150,000 for filers and Rs. 300,000 for non-filers.

• Hyundai Sonata 2.5L

• BAIC BJ40 Plus

Cars Above 2500cc

Pakistani auto market has two locally assembled SUVs and two pick-up trucks in the above 2500cc category. The current Advance Tax on these cars is Rs. 75,000 for filers and Rs. 150,000 for non-filers.

• Toyota Fortuner

• Kia Sorento

• Toyota Hilux Revo

• ISUZU D-Max

Stay tuned with Gari.PK for more updates, news and articles from local and international auto sector. You can also check the motorbike prices in Pakistan and Car Prices Pakistan for all used cars and new cars in the market.

Budget 2022 Annual budget taxes on cars federal government budget 2022

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