Pak Suzuki Motor Company (PSMC) has confirmed an increase in the Advance Tax on its cars in response to the changes in the Annual Budget (Finance Bill) 2022-23. According to the details, the new budget has doubled the Advance Tax on vehicles for filers and non-filers, which means a significant increase in the cost of these vehicles for the consumer.
Furthermore, the revised Advance Tax shall become applicable on all pending booking orders yet to be delivered and invoiced from 1st July 2022.
| Model | Advance Tax (Pre-Budget) Non-Filer/Filer | Advance Tax (Post-Budget) Non-Filer/Filer | Difference (PKR) Non-Filer/Filer |
|---|---|---|---|
| Alto | 15,000/7,500 | 30,000/10,000 | 15,000/2,500 |
| Wagon R | 30,000/15,000 | 60,000/20,000 | 30,000/5,000 |
| Cultus | 30,000/15,000 | 60,000/20,000 | 30,000/5,000 |
| Swift | 50,000/25,000 | 75,000/25,000 | 25,000/5,000 |
| Bolan | 15,000/7,500 | 30,000/10,000 | 15,000/2,500 |
| Ravi | 15,000/7,500 | 30,000/10,000 | 15,000/2,500 |
Moreover, the Government has also imposed a capital value tax (CAT) of 1% on vehicles above 1300cc engine capacity. This is also going to negatively impact the auto industry as it will increase prices of vehicles for most consumers.
However, the Capital Value Tax (CAT) will not affect Pak Suzuki Motor Company (PSMC) as it is not offering any vehicles above 1.3 litre engine capacity and even the recently launched Suzuki Swift carries a 1.2L engine.
Read more: Latest Suzuki Bike Prices in Pakistan From 2 July 2022.
