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MG HS Price Increase After New Tax

Jawad  03 Jul 2024   314   MG   HS
MG HS Price Increase After New Tax

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 Essence8,099,00050,0002%161,980111,980
MG HS Excite7,199,00050,0002%143,98093,980
MG HS 2.0T9,299,000200,0005%464,950264,950

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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