Cabinet approves upto Rs200,000 additional tax on vehicles
December 22, 2020 10:21 PM
The Federal Cabinet has given nod to additional tax of Rs200,000 on new vehicles, reported 24NewsHD TV channel Tuesday.
The new tax will also be implemented on those vehicles who will be resold within the three months of purchase.
The vehicles upto 1000cc would be charged an additional Rs50,000 in withholding tax.
The vehicles from 1000cc to 2000cc would be charged an additional Rs100,000 in withholding tax.
The vehicles above 2000cc would be charged an additional Rs200,000 in withholding tax.
The additional withholding tax will be remain implemented till June 30, 2021.
The decision has been taken to discourage the culture of own money on the vehicles.