ISLAMABAD – The federal government is likely to jack up tax on import of used cars in the upcoming budget for fiscal year 2024-25, a move that would hike the prices of imported vehicles.
Report said the government has received a proposal to increase the tax on import of used vehicles with engine capacity 1800cc or above by 30 percent, taking it to 100% from previous 70%.
The federal government is mulling over increasing the duty tax on import of used vehicles with engine size up to 1800cc by 15%.
However, zero percent duty tax on import of new vehicles of up to 1800cc or used hybrid vehicles.
Meanwhile, Finance Minister Muhammad Aurangzeb is expected to present the budget in National Assembly on June 10.
The upcoming budget is expected to address various economic challenges while adhering to the IMF’s stipulations, aiming to provide relief to the public amidst rising prices.
Electricity consumers who use up to 200 units may get relief in Budget 2024-25
