Federal excise duty on small cars abolished, Suzuki Alto, Bolan, and United Bravo now how many will get in Pakistan?
The Federal Minister for Finance has announced tax reduction in 850 cc vehicles locally in the financial year budget. According to the details, tax duty on small vehicles has been removed after which sales tax on these cars has been reduced from 17% to 12.5%. After this reduction, the prices of Suzuki Alto, United Bravo and Prince Pearl will be lower, and the cars will be cheaper. The old price of Alto VX was 11.98 lakhs which will be reduced to 11 lakhs 24 thousands. Thus, the old price of Alto VXR was Rs. 14.33 lakhs which will be reduced to Rs. 13.45 lakhs. The price of Alto VXL was 16 lakh 33 thousand which will be reduced to 15 lakh 30 thousand. In addition, the price of Bravo was one million ninety-nine thousand, after the tax deduction will be one million thirty thousand. On the other hand, in the budget for the financial year 2021-22, a holding tax of Rs 50,000 to Rs 200,000 was proposed on new vehicles ranging from 1,000 to 2,100 cc. According to the budget documents, Rs. 50,000 with holding tax has to be paid on the purchase of 1000 cc vehicles. In addition, Rs. 100,000 on vehicles up to 2000 cc and Rs. A holding tax of Rs. 1 lakh has been proposed. On the other hand, the budget proposed exemption on federal excise duty on locally manufactured vehicles up to 850 cc. Exemption from customs and regulatory duties on vehicles up to 850 cc. Sales tax has also been reduced from 17 per cent to 12.5 per cent. Manufacturers of existing vehicles and new models are being exempted from advance customs duty. The budget proposes to reduce taxes on certain types of locally manufactured heavy motorcycles, trucks and tractors. In addition, customs duty on electric vehicles is being reduced for a year. Talking to media, Finance Minister Shaukat Tareen said that with the help of technology, tax evaders will be brought into the tax net. This year, 300,000 new taxpayers will be brought into the tax net next year. ۔ He said that 60,000 shops in the market are within POS and it would be increased. He said that monthly rewards of Rs. He said that the customer will grab the shopkeeper by the throat and take the slip. This work was successfully done in Turkey. The reward scheme will be started from August. The reward scheme will be increased to one billion rupees per month