New capital value tax are exempt on these cars

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New capital value tax are exempt on these cars

Federal government has implemented a 1 percent Capital Value Tax (CVT), on vehicles with engines greater than 1300cc, and electric vehicles (EVs with batteries larger than 50 kWh) effective July 1, 2022.

The government initially recommended 2 percent CVT for vehicles priced over Rs. 5 million. It was created to tax high-end turbocharged vehicles such as Proton X70 and MG HS.

Later, the proposal was reduced to 1% CVT for cars with engines displacements greater than 1300cc. According to multiple reports, FBR reduced the CVT to 1 percent from 2 percent in order to benefit the public. The market believes that the new tax will be worse for economy-car owners. Also Read

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These are the cars that don’t fall under the CVT net:
  • Suzuki Alto
  • Wagon R
  • Swift
  • Cultus
  • Ravi
  • Bolan
  • Honda City 1.2
  • Kia Picanto
  • United Bravo
  • Alpha
  • Prince Pearl
  • Proton Saga (1298cc)
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