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Sunday, June 12, 2022

These Are New Car Prices After 200% Increase in Advance Tax in Budget 2022-23

 





The federal government has imposed a 200 percent advance tax on the purchase of cars with engine displacement over 1600cc for non-filers.


This decision is likely to impact the demand for several cars in Pakistan. Here’s how much advance tax the customers will have to pay for locally assembled ‘luxury cars’:

ModelsEngine Displacement (Cubic Capacity)Price (Rs.)Previous Advance Tax for Non-Filers (Rs.)New Advance Tax for Non-Filers (Rs.)
Toyota Corolla Altis Grande<1800cc4,499,000-4,859,000150,000300,000
Hyundai Elantra GLS<2000c4,949,000200,000400,000
Hyundai Tucson<2000cc5,799,000-6,299,000200,000400,000
Hyundai Sonata 2.0<2000cc6,999,000200,000400,000
DFSK Glory 1.8 CVT<1800cc5,159,000150,000300,000
Kia Sportage<2000cc5,300,000-6,300,000200,000400,000
BAIC BJ40>2000cc8,199,000200,000400,000
Hyundai Sonata 2.5<2500cc7,849,000300,000600,000
Kia Sorento<2400cc6,836,000-7,499,000300,000600,000
Toyota Fortuner2700-2800cc9,959,000-12,679,000400,000800,000
Toyota Hilux<2800cc7,359,000-9,729,000400,000800,000
Isuzu D-Max V-Cross3000cc6,600,000-6,960,000400,000800,000
Kia Sorento V6<3500cc7,499,000450,000900,000

Although this tax will have no impact on the price tags directly, it will increase the overall purchasing cost of these cars. It will also aid the government in collecting more taxes from people with high purchasing power and bring them into the tax net.

The government seeks to continue with the auto sector’s current progress, along with encouraging the industry to completely indigenize the production of vehicles and their parts.


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