ISLAMABAD - The Federal Board of Revenue (FBR) on Friday reduced tax rates on goods and passengers transport vehicles, as in case of goods transport vehicles it has been reduced from Rs 3 per kg to Rs 2 per kg of the laden weight.
According to the notification issued here, tax rates on transports vehicles with laden weight of 8120 kg or more after a period of ten years from the date of registration would be Rs 1200 per annum. Meanwhile, in case of passenger transport vehicles plying for hire, as Rs 25 per seat per annum on 4 or more persons but less than 10 persons, Rs 60 per seat for 10 or more persons but less than 20 persons and Rs 250 per seat per annum for 20 persons or more.
According to the section 234 of the Income Tax Ordinance, the tax rate should be collected as Rs 750 on vehicles up to 1000cc, Rs 1250 on vehicles on 1001cc to 1199cc, Rs 1750 on 1200cc to 1299cc, Rs 3000 on 1300cc to 1599cc, Rs 4000 on 1600cc to 1999cc, Rs 8000 on 2000cc and above.
Meanwhile, in case of lump sum payment, tax rate should be Rs 7500 on up to 1000cc, Rs 12,500 up to 1001cc to 1199cc, Rs 17500 on 1200cc to 1299cc, Rs 30,000 on 1300cc to 1599cc, Rs 40,000 on 1600cc to 1999cc and 80,000 on 2000cc and above vehicles.
Meanwhile, according to the notification 231 purchase of motor car, the tax rate should be collected as Rs 10000 on vehicles up to 850cc, Rs 20,000 on 851cc to 1000cc, Rs 30,000 on 1001cc to 1300cc, Rs 50,000 on 1301cc to 1600cc, Rs 75,000 on 1601cc to 1800cc, Rs 100,000 on 1801cc to 2000cc and Rs 1,50,000 on above 2000cc.