ISLAMABAD: Following the announcement of pricing increases by Pak Suzuki Motor Company (PSMC), more companies are expected to follow suit very soon. However, PSMC’s latest price rise has confirmed that the hikes are due to increased Federal Excise Duty (FED) and Sales Tax rates.
The impact of these increased tariffs, which were implemented after the mini-budget was approved, is expected to be reflected in car pricing across the board. As a result, Toyota Indus Motor Company (IMC) expects the following price increases vs domestically produced cars:
| Cars | Current Price (Rs.) | Expected Price (Rs.) | Absolute Difference (Rs.) | % Difference |
|---|---|---|---|---|
| Yaris GLI MT 1.3 | 2,549,000 | 2,611,171 | 62,171 | 0.024 |
| Yaris ATIV MT 1.3 | 2,679,000 | 2,744,341 | 65,341 | 0.024 |
| Yaris GLI CVT 1.3 | 2,749,000 | 2,816,049 | 67,049 | 0.024 |
| Yaris ATIV CVT 1.3 | 2,849,000 | 2,918,488 | 69,488 | 0.024 |
| Yaris ATIV XMT 1.5 | 2,899,000 | 2,969,707 | 70,707 | 0.024 |
| Yaris ATIV XCVT 1.5 | 3,099,000 | 3,174,585 | 75,585 | 0.024 |
| Corolla X Manual 1.6 | 3,299,000 | 3,379,463 | 80,463 | 0.024 |
| Corolla Automoatic 1.6 | 3,449,000 | 3,533,122 | 84,122 | 0.024 |
| Corolla X CVT-I 1.8 | 3,779,000 | 3,871,171 | 92,171 | 0.024 |
| Corolla X Auto 1.6 – SE | 3,779,000 | 3,871,171 | 92,171 | 0.024 |
| Corolla Grande XCVT-I 1.8 – Biege |
4,079,000 | 4,178,488 | 99,488 | 0.024 |
| Corolla Grande XCVT-I 1.8 – Black |
4,099,000 | 4,198,976 | 99,976 | 0.024 |
| Hilux REVO G MT | 6,789,000 | 6,946,884 | 157,884 | 0.023 |
| Hilux REVO G AT | 7,139,000 | 7,305,023 | 166,023 | 0.023 |
| Hilux REVO V AT | 7,849,000 | 8,031,535 | 182,535 | 0.023 |
| Fortuner 2.7 G | 8,179,000 | 8,568,476 | 389,476 | 0.048 |
| Fortuner 2.7 V | 9,489,000 | 9,940,857 | 451,857 | 0.048 |
| Fortuner 2.8 Sigma 4 | 9,919,000 | 10,391,333 | 472,333 | 0.048 |
| Fortuner Legender | 10,349,000 | 10,841,810 | 492,810 | 0.048 |
Toyota IMC announced its most recent price rise in November 2021, owing to the huge depreciation of the Pakistani Rupee versus the US Dollar, increasing freight charges, and rising raw material costs, according to business CEO Ali Asghar Jamali.
In response to the finance ministry’s proposal to raise taxes on domestically produced cars in December, Jamali criticised the government’s policymaking while emphasising that the automobile industry requires a concrete and long-term policy that allows for continuous expansion.
The new tax rates have caused mayhem in the auto sector, generating issues for both automobile consumers and manufacturers. The mini-budget is proving to be a double-edged sword in that it reduces imports while limiting the impact on car production and sales volume.
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