ISLAMABAD: In the budget for the new financial year 2021-22, a reduction in federal excise duty on locally manufactured vehicles up to 850 cc was proposed. Federal Finance Minister Shaukat Tareen during his budget speech said that exemptions were being given on customs and regulatory duties on vehicles up to 850 cc. Sales tax has also been reduced from 17 per cent to 12.5 per cent, while manufacturers of existing vehicles and new models are being exempted from advance customs duty. He said the budget proposes a reduction in taxes on certain types of locally manufactured heavy motorcycles, trucks and tractors. In addition, customs duty for electric vehicles is being reduced for a year.
Reduction in Excise Duty For Vehicles Upto 850cc Proposed
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