Govt Imposes New Taxes on Leasing, Purchasing & Registring New Vehicles in Pakistan
In the recent budget, the government announced new taxes on the leasing, purchasing, registering, and annual taxation of motor vehicles in Pakistan. These taxes are applicable to filers and non-filers who are involved in leasing, purchasing, registering, and paying annual taxes on their vehicles.
Before the new budget was presented, the public was anticipating that the PDM government will manage to give relief in the prices o automobiles by lowering the prices and taxes. Many automobile dealers were optimistic that the government will be sharing some relief on general sales tax and lowering it to 12% from 18%. This would have automatically reduced the price by 6% but non of that happened.
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The new budget comes with no relief for the automobile sector. Recently a compilation of the taxes is shared by the Govt. Here are the new tax slabs:
The imposing of heavy taxes on Non-Filers will motivate more people to become filers and come into the tax net. Our Governments need to work on making tax filing easy and simple so more people can become filers.
