Govt to Collect 3% Advanced Tax on Registration of Electric Vehicles
- 04, July , 2023
Newstoday: The government is to collect a 3 per cent advance tax when registering for electric vehicles with a value of 5 million. According to the finance act 2023, tax experts told reporters that the new tax rates are not yet confirmed for electric vehicles, and no tax has been mentioned yet for the registration process. He further said that the FBR is referring to the electric car but is also confused about it. E-vehicles fall within the category of vehicles without engine capacity. Hence the tax rate would be 3%, as established in the Finance Act 2023.
According to Finance Act 2023, cars above 2100 cc:
Imported in Pakistan, the import value is evaluated by Customs officials as raised by customs duty, federal excise duty, and sales tax due at the import stage;
Locally or exported car , tax invoice would also be included
The auction amount includes all duties and taxes.
According to the notice of finance act 2023, the government has imposed a tax on local and exported cars manufactured of above 2100cc to 3000cc.