ISLAMABAD: The Federal Board of Revenue has decided to impose taxes on theselling of new cars within 90 days of purchase to control ‘On Money’practice, reported *The Newslink*.
According to details, the government has decided to impose close toRs200,000 additional withholding tax on the purchase of new cars.
“It is aimed at discouraging ‘On Money’ on cars,” a top official of FBRtold the publication.
For 600 to 1000cc cars, there will be additional WHT of Rs50,000, while for2000cc cars there will be Rs100,000 tax. While WHT of Rs 200,000 will becharged on any car above 2000cc.
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“This is only to avoid selling cars before 90-day period,” the officialsaid, adding that it was aimed at discouraging trading of cars.