Finance Bill 2022 is likely to impose a luxury tax on expensive vehicles with high engine capacity in the new fiscal budget (2022-23). Highly-placed officials told ProPakistani that the proposal is to impose a fixed amount of luxury tax on expensive vehicles on an annual basis.
The luxury tax would be imposed on both, imported and locally manufactured high engine capacity vehicles
The purpose of this clause will be to charge some extra tax on people with high earning capacity. The proposal is under discussion of the budget markers and is yet not finalized, officials added.
