A fixed tax of 6% has been imposed on the value of vehicles.
Islamabad: The federal government has increased the excise duty on the registration of vehicles above 2000 cc in the federal budget for the financial year 2023-24.
A fixed tax of 6% has been imposed on the value of 2500 cc vehicles through the Finance Act since 2001, which was previously Rs 1.5 lakh for filers and Rs 3 lakh for non-filers.
Similarly, 8% fixed tax has been imposed on the registration of vehicles of 2501 to 3000 cc, which was previously Rs 2 lakh for filers and Rs 4 lakh for non-filers.
A fixed tax of 10% has been imposed on the registration of vehicles of more than 3000 cc. Which was earlier Rs 2.5 lakh for filers and Rs 4.5 lakh for non-filers.
Income tax has been increased by 2.5% to 22.5% on income up to Rs 24 lakh per annum. A fixed income tax of Rs 165,000 will also be levied on annual income of Rs 24 lakh.
In the budget, income tax has been increased from 25% to 27.5% on income up to 36 lakh rupees per annum. A fixed income tax of Rs 4 lakh 35 thousand will also be levied on income up to Rs 36 lakh per annum.
Income tax has been increased from 32.5% to 35% on annual income of more than 60 lakhs. A fixed income tax of Rs 10 lakh 95 thousand has also been imposed on annual income of more than 60 lakhs.
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3&appId=770767426360150”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.7”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
