The prices of Toyota Hilux Revo and Ghandara’s Isuzu D-Max are expected to increase under the new fiscal budget 2020-21 which imposed Federal Excise Duty (FED) on these vehicles.
According to the budget, an FED of 7.5% has been imposed on locally manufactured vehicles while imported vehicles will be charged an FED of 25% resulting an increase in prices of 4×4 double cabin vehicles.
According to Federal Minister of Industries and Production Hammad Azhar these vehicles are mostly used for commercial purposes or by the rich as a status symbol.
Read more: Pakistan Fiscal Budget for 2020-21: Key Points.
Ghandhara Industries Limited already revised prices of its Isuzu D-Max 2020 Facelift last month and this will be the second time in two weeks that prices for the vehicle will be revised.
Read more: Ghandhara Isuzu D-Max 2020 Prices Revised.
Toyota Indus Motor Company (IMC) also increased prices for all vehicles back in April including their Hilux Revo variants and IMV vehicles by up to Rs. 250,000 and now the company will be increasing prices again after the new taxes being imposed.
However, there is no official notice or announcement from the companies regarding new prices but it is expected to be announced soon.
Sales for these vehicles have already dropped falling the impact of the coronavirus pandemic and the countrywide lockdown that was placed in Pakistan by the government to control the spread of the virus.
Almost all manufacturers shut down their production plants as a result with Toyota shutting down their production for a second time when several employees working at their plant were diagnosed with coronavirus.