ISLAMABAD: The federal government has decided to collect advance income tax on the purchase and registration of vehicles based on the value of the vehicle instead of the engine capacity, here on Wednesday.
As per the details, this proposal was presented by Finance Minister Muhammad Aurangzeb while presenting the budget for the upcoming financial year 2024-25.
This decision has been taken in view of the rising prices of vehicles in Pakistan. Currently, the tax is calculated based on the engine capacity of vehicles up to 2000cc.
If approved, the proposal will increase vehicle registration costs and prices in the country, where vehicle prices are already relatively high.
Aurangzeb unveiled the federal budget for the fiscal year 2024-25 with a total cost of over Rs 18.877 trillion amid uproar from the opposition benches.
The budget has been presented at a time when Pakistan is negotiating with the International Monetary Fund (IMF) for a loan package of $6 billion to $8 billion.
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