Finance Bill 2024 Regulatory Duty Hikes and New Vehicle Tax System
According to the Statutory Regulatory Order (SRO), the regulatory duty has been increased on various items ranging from 5% to 55% under Finance Bill 2024, including
Milk and cream (25%),
Yogurt, butter, and nuts (20%),
Natural honey (30%),
Dates, figs, pineapples, and oranges (25%),
Cherries (35%),
Apples and lemons (45%),
Corn (30%),
Perfume and makeup (55%),
Shaving cream and soap (50%),
Overcoats, jackets, and trousers for men and women (10%),
Track suits, rompers, shawls, mufflers, and ties (10%),
Waterproof shoes, leather shoes, Bathroom fixtures and toilet accessories (regulatory duty increased),
Jewelry (45%).
IMF says budget 2024 approval ‘not enough’ and demands Pakistan to ‘Do more’
In a separate development earlier today, new tax rate were introduced in the budget 2024-25 on locally manufactured vehicles among many others, will come into effect today (July 1).
This change marks a shift from a fixed tax rate to a value-based tax system, as outlined in the Finance Bill 2024-25.
Under the new tax regime introduced in budget 2024-25, the tax on vehicles is no longer a fixed amount but varies according to the vehicle’s value.
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