The government has unveiled the fiscal budget for 2022-23 which shows several significant changes. Under the new budget, the government has doubled the tax on cars with horsepower over 1,600cc.
“Provided that in cases where engine capacity is not applicable and the value of the vehicle is Rs5 million or more, the rate of tax collectable shall be 3% of the import value as increased by customs duty, sales tax, and federal excise duty in case of imported vehicles or invoice value in case of locally manufactured or assembled vehicles,” the Finance Bill read.
