International Currents

New Taxes on Vehicles: Revised Finance Bill 2023 New Taxes on Vehicles: Revised Finance Bill 2023 Amidst the car industry’s struggle with declining sales and diminishing profits, the authorities have introduced new taxes. In the revised Finance Bill 2023, the government has recently raised the advanced income tax on vehicles with engine capacities exceeding 2000cc. These updated regulations encompass both imported and domestically produced vehicles ranging from 2001cc to over 3000cc in engine capacity. Tax Rates for Different Vehicle Engine Capacities: Vehicles up to 850cc: Rs. 10,000 tax Vehicles ranging from 851cc to 1000cc: Rs. 20,000 tax Vehicles with engine capacities between 1001cc and 1300cc: Rs. 25,000 tax Vehicles falling in the 1301cc to 1600cc range: Rs. 50,000 tax Vehicles ranging from 1601cc to 1800cc: Rs. 150,000 tax Vehicles falling in the 1801cc to 2000cc range: Rs. 200,000 tax Vehicles with engine capaciti...