Karachi, February 1, 2024 – Pakistan’s motor vehicle tax collections have reached a noteworthy Rs 16 billion during the first half (July – December) of the fiscal year 2023-24, as revealed by official data released by the federal finance ministry.
The figures highlight a positive trajectory, surpassing the Rs 15.61 billion collected in the corresponding half of the previous fiscal year.
The responsibility for collecting motor vehicle tax falls within the purview of the provinces, each managing their jurisdictions independently. The breakdown of collections across provinces sheds light on their individual performances.
Punjab Leads with Rs 9.75 Billion Collection In the province of Punjab, the motor vehicle tax collection during the first half of the current fiscal year amounted to Rs 9.75 billion, showcasing an uptick from the Rs 9.51 billion recorded in the same period of the last fiscal year. This increase underscores robust economic activity and a growing number of registered vehicles in the province.
Sindh Records Increase to Rs 4.75 Billion Sindh, another significant contributor to the country’s economic landscape, reported a motor vehicle tax collection of Rs 4.75 billion during July – December of fiscal year 2023-24. This figure marks a slight increase from the Rs 4.74 billion collected in the corresponding half of the previous fiscal year. The marginal growth in tax collections reflects stability and steady financial contributions from the province.
Khyber Pakhtunkhwa’s Collection Surges to Rs 1.05 Billion Khyber Pakhtunkhwa demonstrated a notable surge in motor vehicle tax collections, reaching Rs 1.05 billion during the first half of the fiscal year under review. This marks a significant improvement from the Rs 935 million collected in the same period of the last fiscal year. The increase suggests increased economic activity and a higher number of registered vehicles in the province.
Balochistan Witnesses Growth to Rs 465 Million Balochistan, while contributing a smaller share, displayed positive growth in motor vehicle tax collections. The province recorded a collection of Rs 465 million during the first half of the current fiscal year, compared to Rs 415 million in the same half of the last fiscal year. The uptick signifies economic resilience and potential expansion in the region.
The overall growth in motor vehicle tax collections across provinces is indicative of a thriving automotive industry and economic stability. As Pakistan continues to navigate fiscal challenges, these positive indicators contribute to the overall economic outlook, suggesting resilience and growth in various regions of the country. The federal finance ministry’s data underscores the importance of localized tax policies in contributing to national revenue and economic development.
