MG HS Price Increase After New Tax

Jawad

03 Jul 2024

332 MG HS

MG HS Price Increase After New Tax

In the fiscal budget for 2024-25, the federal government announced a new withholding tax on locally assembled cars. During his speech, Finance Minister Muhammad Aurangzeb stated that this tax will now be charged based on the ex-factory price rather than the engine capacity, which was the previous method.

Tax Details and Impact

To help understand the new tax implications, here are the updated tax percentages and their impact on car prices, including some examples. This information aims to clarify the new tax net on cars. After the budget announcement, we awaited the updated car prices reflecting this tax, and MG Pakistan has now announced the increased price of the MG HS.

MG HS New Price Breakdown

In a notification, MG Pakistan highlighted how the new withholding tax will affect prices:

MG HS Essence: The original price was Rs. 8,099,000. With a 2% withholding tax, the new tax amount is Rs. 161,980, bringing the total price to Rs. 8,260,980.

MG HS 2.0L : The new tax is Rs. 464,950, resulting in a new price of Rs. 9,763,950.

MG HS Excite: The withholding tax is Rs. 143,980, making the new price Rs. 7,342,980.

Breakdown of Previous and New Taxes

For better understanding, here is a breakdown of the previous and new withholding taxes along with the tax difference that consumers will now have to pay.

Car Model Name	Price (PKR)	Previous Tax	New Tax (%)	New Tax (PKR)	Difference in Tax (PKR)
MG HS Essence	8,099,000	50,000	2%	161,980	111,980
MG HS Excite	7,199,000	50,000	2%	143,980	93,980
MG HS 2.0T	9,299,000	200,000	5%	464,950	264,950

Important Note

Please note that the revised prices do not include freight charges, which means the final rates may vary slightly. To confirm the prices, visit the company’s dealership. Additionally, these tax rates and prices are applicable to tax filers.

Conclusion

We hope this information helps you understand the new tax net on all variants of MG HS. What are your thoughts on the new tax on locally assembled cars? Please share your opinions in the comments section.

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