Govt Approved 100% Increase in Vehicle Registration Tax

The Senate Standing Committee on Finance has authorized a 100% increase in the non-filer car registration tax and urged the Federal Board of Revenue (FBR) to bring any legislation in the form of a bill rather than a law.

On Saturday, the Senate panel convened under the leadership of Saleem Mandviwalla. At the meeting, Senators Sadia Abbasi, Talha Mehmood, Zeeshan Khanzada, and Anwarul Haq Kakar, as well as FBR Chairman Asim Ahmad and other policy and administrative authorities, attended.

According to FBR officials, Pakistanis would have to pay a 1% capital value tax (CVT) on their stated property in Dubai, London, and New York, according to FBR officials.

The FBR intends to raise Rs10 billion by imposing a 1% capital value tax (CVT) on Pakistanis’ liquid foreign assets; another Rs8 billion by imposing a 1% CVT on Pakistani residents’ foreign immovable properties; and more Rs10 billion by raising the advance income tax on luxury vehicles over 1600cc.

During his report to the meeting, the FBR chairman stated that the problem of reimbursements from the Pakistan Pharmaceutical Manufacturers Association (PPMA) had been settled. The reimbursements have not been made for the past four and a half months, according to the PPMA spokesperson.

According to FBR authorities, the car registration tax for non-filers has been raised by 100%. Mandviwalla proposed that small automobiles, whether owned by filers or non-filers, be exempt from taxation.

In response to the position, the FBR chairman stated that they intended to “record the economy” and authorized a 100% increase in car registration tax for non-filers.

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