Islamabad January 13 2022: According to the approved finance Supplementary Bill there will be a duty of 2.5 percent on locally manufactured 1,300 cc vehicles, down from the 5 percent proposed earlier.
The duty on locally manufactured 1,300 to 2,000 cc cars was also reduced to 5 percent from 10 percent. A 10 percent duty will be imposed on locally manufactured cars greater than 2,100 cc.
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Mini Budget Approved By National Assembly
As per the approved FED rates the prices of Yaris, Honda City and Suzuki (Cultus & Swift) remain unchanged. According to proposed increase in FED, the prices of Yaris were expected to increase by PKR 62,000 to PKR 76,000 depending on the variant. The prices of 1.2 Honda City were expected to increase by PKR 66,000 to PKR 75,000.
However, 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 is also expected to increase by PKR 92,000 to PKR 99,000 due to rise on FED.
The prices of 1.5 Honda City Aspire is also expected to increase by PKR 78,000 to PKR 82,000 due to rise on FED. The prices of 1.5 Honda BRV and 1.8 Honda Civic are expected to increase by PKR 87,000 and PKR 104,000 due to rise in FED.
Tax on imported vehicles was also increased under the changes, from five per cent to 12.5pc. The federal excise duty on all imported vehicles will remain the same.
Earlier, bill proposed increased Federal Excise Duty (FED) on import of cars (Completely Built Unit (CBU) over 1001cc to 1700cc from 5 percent ad valorem to 10 percent, from 1800cc to 3000cc from 25 percent ad valorem to 30 percent and exceeding 3000cc from 30 percent ad valorem to 40 percent ad valorem.