FBR Looking into Collecting Lifetime Tax on Small Cars

The Federal Board of revenue plans to collect lifetime income tax from the owners of cars with engine capacities ranging up to 1000cc. This has been done under the umbrella of the existing lifetime token tax collection for small cars.

Under the new settings, the owners of cars up to 1000cc engine will have to pay a lump sum amount of PKR 20,000. This amount comprises an income tax of PKR 10,000 if the owner is a taxpayer. A supplementary amount of PKR 10,000 will be collected if the owner is not a taxpayer.

Pensioners will submit an application to the tax commissioner explaining that the owner does not have any additional income. The pensioner will be granted an exemption if the commissioner fails to respond within a month.