Budget 2022-23 and withholding taxes on Cars

TAX





Budget 2022-23 which was announced on 10th June 2022 includes new policies for auto Industry in Pakistan. 

According to the new budget the tax burden on cars will be shifted to privileged class which includes cars which have above 1600cc engine. Also,withholding tax on electric cars will be increased by 2%.

The tax will be deducted at the time of purchase of locally assembled cars only. 

The budget is yet to be discussed in Senate and National Assembly before it passes. Vehicle Company's including Honda, Suzuki, Changan, Hyundai and Toyota will have a huge impact of the new budget policies. 

Before announcing the budget, the government had already imposed a complete ban on imported cars other than commercial vehicles import.

 Time will reveal that to what extend does the new policies of government impacts the vehicle companies and its customers as huge hikes in petroleum prices have already created fear among the consumers. 

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