Islamabad: The government’s Budget 2024–25 suggests a significant increase in withholding tax for buying new cars, affecting various engine capacities from under 850 cc to 3000 cc and higher with percentage-based adjustments, not just flat increases.
New tax rates, varying from 0.5% to 12% based on engine size, apply to vehicle values. The Suzuki Cultus, a renowned hatchback from the oldest car maker in the country, falls into the 850-1000cc car category.
The increased tax rates mean consumers will pay more, aligning with their vehicles’ actual market worth. Yet, tax filers can offset this by adjusting it as an advance, lessening its impact on them.
Suzuki Cultus Price in Pakistan 2024
| Car Engine | 1000cc |
| Old Tax | Rs20,000 |
| New Tax | Rs38,580 |
| New Proposed Rate | 1percent |
| Tax Diff | Rs18,580 |
| New Car Price | Rs3,876,580 |
Revised Withholding Taxes on Suzuki Cultus 2024
| Up To 850cc | Current Value | Current Tax | Proposed Tax (%) | Proposed Tax (pkr) | Difference (pkr) | |
| Suzuki Cultus | Suzuki Cultus VXR | 3,858,000 | 20,000 | 1.00% | 38580 | 18,580 |
| Suzuki Cultus | Suzuki Cultus VXL | 4,244,000 | 20,000 | 1.00% | 42440 | 22,440 |
| Suzuki Cultus | Suzuki Cultus Auto Gear Shift | 4,546,000 | 20,000 | 1.00% | 45460 | 25,460 |
Taxes on Cars in Pakistan after Budget 2024-25
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| Engine Size (cc) | Tax Rate (%) |
|---|---|
| Up to 850 | 0.5 |
| 851 to 1000 | 1 |
| 1001 to 1300 | 1.5 |
| 1301 to 1600 | 2 |
| 1601 to 1800 | 3 |
| 1801 to 2000 | 5 |
| 2001 to 2500 | 7 |
| 2501 to 3000 | 9 |
| Above 3000 | 12 |