AIA News

ISLAMABAD (AIA) The Federal Board of Revenue (FBR) has brought changes in taxation for vehicles and slapped taxes on the basis of the value of vehicles instead of engine capacity.

According to the Finance Bill 2024ꟷ25, vehicles up to 800cc will be taxed at 0.5% of their total value. For vehicles ranging from 851cc to 1000cc, tax will be 1% of their value. For 1001cc to 1300cc vehicles, the tax rate will be 1.5% of their value. For 1301cc to 1600cc vehicles, a tax rate of 2% of their value has been imposed.

For vehicles in the 1601cc to 1800cc range, a tax rate of 3% of their value has been imposed. For 1801cc to 2000cc vehicles, the tax rate of 5% of their value has been slapped. For 2001cc to 2500cc, the tax rate will be 7% of the value of the vehicle. For 2501cc to 3000cc, a tax rate of 9% of the value has been imposed. Vehicles above 3000cc, will be subject to a tax rate of 12% of their value.