Tax rates on transfer of motor vehicles during TY22

Tax rates on transfer of motor vehicles during TY22

The rates of income tax on transfer of motor vehicles during tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following are the rates of income tax transfer of motor vehicles on that shall be applicable during tax year 2022 under Section 231B:

(1) The rate of tax under sub-sections (1) and (3) of section 231B shall be as set out in the following table:–

TABLE

S. No.Engine capacityTax
(1)(2)(3)
1.upto 850ccRs. 7,500
2.851cc to 1000ccRs. 15,000
3.1001cc to 1300ccRs. 25,000
4.1301cc to 1600ccRs. 50,000
5.1601cc to 1800ccRs. 75,000
6.1801cc to 2000ccRs. 100,000
7.2001cc to 2500ccRs. 150,000
8.2501cc to 3000ccRs. 200,000
9.Above 3000ccRs. 250,000

2) The rate of tax under sub-sections (2) of section 231B shall be as follows:–

S. No.Engine capacityTax
(1)(2)(3)
1.upto 850cc
2.851cc to 1000cc5,000
3.1001cc to 1300cc7,500
4.1301cc to 1600cc12,500
5.1601cc to 1800cc18,750
6.1801cc to 2000cc25,000
7.2001cc to 2500cc37,500
8.2501cc to 3000cc50,000
9.Above 3000cc62,500

Provided that the rate of tax to be collected shall be reduced by 10% each year from the date of first registration in Pakistan.

(3) The rate of tax under sub-section (2A) of section 231B shall be as follows:—

TABLE

S. No.Engine capacityTax
(1)(2)(3)
1.Up to 1000ccRs. 50,000
2.1001cc to 2000ccRs.100,000
3.2001cc and aboveRs.200,000”

(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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