News Alert Desk
The federal government has announced a drastic 400% increase in income and withholding tax which will be collected at the time of new vehicle registration, transfer of vehicle ownership, and with token tax. The new tax has been included in the budget for the next fiscal year.
The government has also decided to change the former ‘one-time’ taxes to annual levies because of which vehicle owners who pay the token tax will have an additional burden of paying Rs3,000 to Rs200,000, while non-filers will have to pay Rs6,000 to 400,000 annually. An identical situation prevails in Karachi where traders have already getting mobilised on Tuesday for a rally against the federal budget 1920 and loaded quantum of tax revenue.
The impractical nature of the tax schedule has puzzled the Punjab Excise and Taxation Department which – suspecting an inadvertent error in the finance bill – has sought a written clarification from the Federal Board of Revenue (FBR).
If you own a Mehran your new ANNUAL tax for filer is: 55,000 and non filer is: 130,000
Honda Civic Annual, Filer: 98,000 and non Filer: 191,000
There are 4 taxes, token, advance, professional and income… advance and income are per number of seats so you multiply by no. of seats of your vehicle. Heading says clearly this is for token.
One time token only for 1000C and under cars. However, income, advance and professional taxes will still be applicable.