Finance Bill: Govt hikes duty on registration of vehicles

ISLAMABAD: Federal government has hiked the excise duty on the registration of vehicles over 2000 CC in the finance bill, ARY News reported.

As per details, a six percent fixed tax has been imposed on the value of 2001CC and 2500CC vehicles whereas the tax for the filers on the 2001CC and 2005CC was Rs 0.25 million.

The government has imposed an eight percent fixed tax on the registration of 2501CC and 3000CC vehicles, the tax for the filers was earlier Rs 0.2 million and 0.4 million for the non-filers. Furthermore, ten percent fixed taz has been imposed on the registration of 3000CC vehicles.

Earlier, the National Assembly passed the Finance Bill 2023-2024, giving the go-ahead to the budgetary proposals for the upcoming financial year. The bill with a total outlay of Rs14,480 billion was moved by Finance Minister Ishaq Dar in the house.

The House passed the federal budget with the revised targets to appease the International Monetary Fund (IMF) for the revival of the stalled loan program. According to the amendments, the target for tax collection has been revised to Rs 9,415 billion from 9,200 billion.

Rupees Rs801 billion have been allocated for the payments of pension against the earlier allocation of Rs761 billion.

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