Summary Similarly, duties and taxes on imported vehicles between 1000 and 1500 cc have been reduced from 76% to 52%, while on 850 cc vehicles, this rate has been reduced from 66% to 42%.
ISLAMABAD (Dunya News) - The federal government has announced new duty and tax rates on imported vehicles from July 1.
Under the Finance Bill approved by Parliament, the federal government announced new duty and tax rates on imported vehicles from July 1, according to which 86 percent duty will be imposed on imported vehicles between 2000 and 3000 cc, while 92 percent duty will be imposed on imported vehicles 3001 cc or larger.
According to the Finance Bill, duties and taxes on imported vehicles of various categories have also been significantly reduced. The total duty and tax rate on 1800 cc vehicles has been reduced from 156 percent to 74 percent, while the rate on vehicles larger than 1500 cc has been reduced from 91 percent to 57 percent.
Similarly, duties and taxes on imported vehicles between 1000 and 1500 cc have been reduced from 76% to 52%, while on 850 cc vehicles, this rate has been reduced from 66% to 42%.
The Finance Bill also includes a decision not to impose special excise duty on vehicles up to 1800 cc under the new auto policy. On the other hand, a 30 to 40 percent customs duty is being imposed on the import of large electric vehicles.
According to the documents, imported electric vehicles worth up to $75,000 will be subject to a 30 percent customs duty, while electric vehicles worth more than $110,000 will be subject to a 40 percent customs duty.
From July 1, a one-time fixed tax of Rs 10,000 will be imposed on vehicles up to 1,000 cc in the federation. A token tax of Rs 20,000 has been imposed on vehicles up to 1,000 cc of models before 2010, while the token tax on vehicles from 1,001 to 1,300 cc will be equal to 0.3% of the total invoice value.
Under the new fiscal measures, token tax has been set at 0.25 percent of the total invoice value in the federation from July 1. According to the finance bill, a token tax of Rs 2,500 will be imposed on vehicles of models before 2010, while a token tax of Rs 6,200 will be imposed on vehicles of models after 2010.
