Hyundai Sonata Price in Pakistan: Sonata 2.5L Price Affected by Revised Tax Rate

• For filers, tax increased from Rs. 300,000 to 6%, totaling Rs. 676,800.
• Rates range from 6% for 2001cc to 2500cc engines to 10% for engines exceeding 3000cc.
• Tax for Sonata 2.5L now calculated based on ex-factory price, resulting in variable pricing.

Hyundai Nishat Motor has made adjustments to the tax rate applied to the Hyundai Sonata 2.5L in response to changes in the Advance Income Tax. The company issued a notification addressing the modifications made to tax policies as a result of the recent Finance Act 2023 and how they impact Hyundai Nishat Motor’s products.

“The advance income tax for vehicles with engine capacity of 2001cc and above has been changed from a fixed amount to a percentage-based tax value on the vehicle,” the company mentioned.

Starting from July 1, 2023, the tax amount for the Hyundai Sonata 2.5L will be determined based on the vehicle’s ex-factory price, resulting in variable pricing.

New Hyundai Sonata 2.5L Price in Pakistan

Hyundai Nishat Motor has provided the following information regarding the revised tax rates for the Hyundai Sonata 2.5L:

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• For filers, the previous tax rate of Rs. 300,000 has been increased to 6%, resulting in a tax value of Rs. 676,800. This represents an increase of Rs. 376,800.
• For non-filers, the previous tax rate of Rs. 900,000 has been revised to 18%, resulting in a tax value of Rs. 2,030,400. This means that non-filers will need to pay an additional Rs. 1,130,400 if they wish to purchase the Sonata 2.5L.

Revised Advance Tax

In accordance with the Finance Act 2023, the revised rates of Advance Income Tax have been announced as follows:

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• Vehicles with engine capacities ranging from 2001cc to 2500cc will now be subject to a 6% tax based on their value.
• Cars with engine capacities from 2501cc to 3000cc will face an 8% tax based on their value.
• Vehicles powered by engines exceeding 3000cc will be subject to a 10% tax based on their value.

These tax rate revisions have reportedly been made to broaden the tax net, as demanded by the International Monetary Fund (IMF). Increasing the tax rate for non-filers is seen as a step towards bringing more individuals into the tax net and generating additional revenue for the government.

What are your thoughts on the new advance tax and its impact on the price of the Sonata 2.5L? Please share your opinions in the comments section.