Finally good news has been announced by the government of Punjab as according to Finance Bill which was presented on Tuesday there will be a major cut down for the taxes on imported vehicles.
The government has waived off Pakistan’s largest slashed 50 to 80% of taxes on cars with different engine capacities. The decision has been taken in the revised budget for the fiscal year 2018-19.
This move by new PTI-led government will encourage people to register their imported vehicles in Punjab instead of other provinces or the federal capital.
The original tax before cut down was Rs. 70,000 and now it will be Rs. 15,000, for cars from 1,300cc to 1,500cc.
On the other hand, taxes on cars with engine capacity from 1500cc to 2000cc is planned to be Rs. 25,000 instead of 150,000.
If you want to import cars with engine capacities from 2,000cc to 2,500cc then you will have to pay Rs 100,000 instead of 200,000 as it was previously Rs 200,000.
Must Read: No phones will be shut down on October 20th even if they’re unregistered
However, all importers of the vehicles with engine capacities above 25,00cc did not get this benefit as according to the government these cars are used by the elite class and wealthy people who can and should pay more taxes.
Furthermore, the new finance bill chaired by the Punjab Finance Minister Hashim Bakht, anticipated an increment up to five times in stamp duty on different sectors. The purpose behind this move is to generate an extra amount of Rs. 1 billion in taxes.
The current government has expanded its tax base, and the Punjab Revenue Authority (PRA) has been given a task to gather Rs155.57 billion in this fiscal year. In this regard, insurance sector has also been given instructions to assist PRA to achieve target.
Moreover, the Punjab government has planned to increase PRA’s powers. So they can seize of businesses in case of any violations.
