ISLAMABAD: In 39th Session held on Thursday December 30, 2021, the National Assembly passed the amendments in finance bill and increased the sales tax and federal excise duty (FED) on cars.
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Amendments related to FED and sales tax on cares related to Toyota are as follows;
- FED increased on CBUs from 5.0 percent to 10.0 percent on 1,001cc to 1,799cc
- FED increased on CBUs from 25.0 percent to 30.0 percent on 1,800cc to 3,000cc
- FED increased on CBUs from 30.0 percent to 40.0 percent on 3,000cc and above
- FED increased on locally assembled vehicles from 2.5 percent to 5.0 percent on 1,001cc to 2,000cc
- FED increased on locally assembled vehicles from 5.0 percent to 10.0 percent on 2,000cc and above
- FED increased on imported double cabin (4 x 4) vehicles from 25 percent to 30 percent
- FED increased on locally assembled double cabins (4 x 4) from 7.5 percent to 10.0 percent
- Sales tax on batteries increased from 12.0 percent to 17.0 percent.
- Sales tax on Cars above 850cc increased from 12.5 percent to 17.0 percent
- Services provided by car / automobile dealers in ICT to be taxed at 5.0 percent.
- 17.0 percent General Sales Tax (GST) to be imposed on hybrid electric vehicles over 1,800cc.
After imposition of new FED, the prices of Yaris are expected to increase by PKR 62,000 to PKR 76,000 depending on the variant. The prices of 1.6 Corolla Altis are expected to increase by PKR 80,000 to PKR 92,000 due to rise on FED. The prices of 1.8 Corolla Altis are expected to increase by PKR 92,000 to PKR 99,000 due to rise on FED. The prices of Hilux are expected to increase by PKR 93,000 to PKR 180,000 due to rise on FED depending on the variant. Fortuner’s prices are expected to increase by PKR 194,000 to PKR 234,000 on different variant.
