The
Federal government has officially announced the 1st draft of
Annual Budget 2022-23. Finance Minister
Miftah Ismail presented the Budget 2022-23 in the National Assembly. The Advance Tax, also known as With-holding Tax on luxury
vehicles is proposed to be increased in the
new budget 2022.
According to the budget document officially issued, the government plans to increase the Advance Tax on cars above 1600cc to transfer the tax burden to the leading class. The new rate of Advance Tax for filer citizens is not yet mentioned in the document. The Advance Tax will be doubled, from 100% to 200% for non filers.
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