ISLAMABAD: The Federal Board of Revenue (FBR) has imposed a 25 percent sales tax on locally manufactured or assembled cars above 1400 cc or worth Rs 40 lakh. The revised SRO has been issued through a notification issued by FBR. According to FBR’s estimate, this decision will generate revenue of 4 to 4.5 billion rupees on an annual basis. According to the notification, there will be a 25% sales tax on vehicles of more than 1400 cc or vehicles worth more than 40 lakh rupees manufactured or assembled within the country. Earlier, the caretaker government’s federal cabinet and ECC had approved the levy of 25 percent sales tax.

Source: The Patriot March 09, 2024 09:21 UTC