ISLAMABAD – Finance Minister Ishaq Dar unveiled the budget for fiscal year 2023-24, proposing imposition of new taxes worth Rs223 billion.
The government has also proposed reduction in taxes on various items, including hybrid vehicle. However, it has announced no change in taxes and duties received on locally manufactured and imported smartphone.
The move of no change in taxes means there would be stability in prices of both locally-made and imported mobile phones.
Earlier, there were reports that government would decrease the tax on smartphones in the budget for the next fiscal year.
Meanwhile, the customs tax (CD) on the import of hybrid electric vehicles (HEVs) in completely built-up (CBU) form has been decreased to 1%, according to the budget papers.
Additionally, the CD for the import of HEVs that are completely knocked down (CKD) units has been decreased.
According to the document, the CD for the import of HEV CKDs is 4% while the CD for the import of PHEV CKDs is 3%.
This ought to have an effect on hybrid vehicle costs in the Pakistani market and motivate a number of new businesses to participate in the hybrid car industry there.
Pakistan sets 3.5 GDP growth target as Ishaq Dar presents federal budget for FY24
