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Sunday 25 February, 2024
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Budget 2023-24: Significant Tax Relief for Hybrid Cars

BY Shahzad Saeed Jun 11, 2023. 10:22 am UPDATED: Jun 11, 2023. 10:22 am

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The fiscal budget for 2023–2024 has been released, which is fantastic news for Pakistan’s hybrid car market. The customs tax on imported fully assembled hybrid electric vehicles (HEVs) will now only be 1%, according to the budget papers. Additionally, the customs tax for imported HEVs in completely disassembled units has been reduced.

According to the budget document, the tax for importing plug-in hybrid electric vehicle (PHEV) components in knocked-down units is now 3% and the tax for importing HEV components in knocked-down units is now 4%. These adjustments are anticipated to have a favorable effect on hybrid car prices in the Pakistani market and inspire new companies to get involved in the hybrid car market.

The fiscal budget for 2023–2024 has been released, which is fantastic news for Pakistan’s hybrid car market. The customs tax on imported fully assembled hybrid electric vehicles (HEVs) will now only be 1%, according to the budget papers. Additionally, the customs tax for imported HEVs in completely disassembled units has been reduced.

According to the budget document, the tax for importing plug-in hybrid electric vehicle (PHEV) components in knocked-down units is now 3% and the tax for importing HEV components in knocked-down units is now 4%. These adjustments are anticipated to have a favorable effect on hybrid car prices in the Pakistani market and inspire new companies to get involved in the hybrid car market.

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