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ISLAMABAD: A Series of tax impositions on import proposed in the Federal Budget 2o24-25 can lead to a rise in the prices of all motor vehicles. The new tax-oriented budget can also affect the price of Honda bikes including Honda CD 70 Black, Honda CG 125, Honda CD 70 Dream, and Pridor.
The federal government has announced a rise in import duties on raw materials including steel, paper products, and spare parts which can lead to a rise in the number of cars and motorbikes being manufactured or assembled in Pakistan.
The government has also ended import tax exemptions on various items including luxury vehicles, particularly those worth $50,000 or more, which will now face increased taxes and duties.
The federal govt has decided to set a tax collection target of Rs12,970 billion during the upcoming fiscal year which will be carried out through an increase in income and sales tax collection along with the rise in import duties on luxury items and broadening tax net by inducting more taxpayers.
An increase in sales tax and import duties on raw materials can increase the price of Honda CD 70 Black and other motorbikes in the upcoming months.
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