Islamabad (Commerce Desk): The government has revised taxes on various categories of vehicles, effective from July 1.
Under the Finance Bill approved by Parliament, the federal government has set new duty and tax rates on imported vehicles. Imported vehicles with engine capacities between 2000cc and 3000cc will be subject to an 86% duty, while vehicles of 3001cc and above will face a 92% duty.
According to the Finance Bill, the duty and tax rates have also been reduced in some categories. For 1800cc vehicles, the overall rate has been reduced from 156% to 74%, while for vehicles above 1500cc, it has been reduced from 91% to 57%.
Similarly, for vehicles ranging from 1000cc to 1500cc, the rate has been reduced from 76% to 52%, and for 850cc vehicles, it has been reduced from 66% to 42%.