Section 15
The following examples based on notional values, would explain how the value of a vehicle is determined for the purpose of levy of taxes, under the above-mentioned Normal Regime.
| Particulars |
Example-I
Transfer of Residence |
Example-II
Gift Scheme OR
Regular Import |
Example-III
Gift scheme |
Example-IV
Personal baggage |
| Engine capacity and make |
1800 CC
European make,
Used car |
1600 CC
Any make,
New Car. |
1800 CC
Any make,
Used car |
2200 CC
Any make,
Used Car. |
| FOB value as certified by the manufacturer at the time of its manufacturer |
US $ 1,000 |
US $ 1,000 |
US $ 1,000 |
US $ 1,000 |
| Optional / additional accessories |
US $ 100 |
US $ 100 |
US $ 100 |
US $ 100 |
| Local agent‟s commission |
US $ 100 |
US $ 100 |
US $ 100 |
US $ 100 |
| Freight from country originally manufactured e.g. (Osaka, Japan to Karachi- Pakistan) |
US $ 100 |
US $ 100 |
US $ 100 |
US $ 100 |
| Sub- total(C & F value) |
US $ 1,300 |
US $ 1,300 |
US $ 1,300 |
US $ 1,300 |
| Insurance @ 1% of C & F value |
US $ 13 |
US $ 13 |
US $ 13 |
US $ 13 |
| Sub- total (CI F value) |
US $ 1,313 |
US $ 1,313 |
US $ 1,313 |
US $ 1,313 |
| Landing charges @1% of CI F value |
US $ 13 |
US $ 13 |
US $ 13 |
US $ 13 |
| Other incidental charges, if any |
US $ 74 |
US $ 74 |
US $ 74 |
US $ 74 |
| Value assessed |
US $ 1,400 |
US $ 1,400 |
US $ 1,400 |
US $ 1,400 |
| Date of first Registration abroad |
1st Feb, 2005 |
NA |
1st Feb, 2006 |
20th April, 2007 |
| Date of Entry in to Pakistan |
20th July, 2007 |
NA |
20th July, 2007 |
20th July, 2007 |
| Period between first registration and entry into Pakistan |
29 Months
& 20 days |
NA |
17 Months
& 20 days |
3 months |
| Completed months |
29 Months |
NA |
17 Months |
3 Months |
| Depreciation @ 1% per month |
29 % |
NA |
17 % |
3 % |
| Admissible depreciation (Restricted to 50%) |
29 % |
Nil |
17 % |
3 % |
| Reduction in value to the extent of admissible depreciation |
US $ 406
(29% of US $ 1,400) |
Nil |
US $ 238
(17% of US $ 1,400) |
US $ 42
(3% of US $ 1,400) |
| Depreciated value in US $ for the purpose of levy of duty |
US $ 994 |
US $ 1,400 |
US $ 1,162 |
US $ 1,358 |
| Prevailing exchange rate |
US $ 1 =Rs. 85 |
US $ 1 =Rs. 85 |
US $ 1 =Rs. 85 |
US $ 1 =Rs. 85 |
| Depreciated value in Pak Rupees for the purpose of levy of duly |
Rs. 84,490 |
Rs. 119,000 |
Rs. 98,770 |
Rs. 115,430 |
Section 16
Once the value is determined the amount of taxes payable are calculated as under:
Value determined of 1600 CC new vehicle
Under gift scheme (Example II) Rs. 119,000
| Custom Duty - applicable rate 75% |
| 75% of Value determined |
Rs. 119,000 |
Rs. 89,250 |
| Sales Tax - applicable rate 17% |
| 17% of Value determined |
Rs. 119,000 |
|
| plus Custom Duty |
Rs. 89,250 |
|
| Total |
Rs. 2,08,250 |
Rs. 35,402 |
| Income Tax - applicable rate 5% |
| 5% of Value determined |
Rs. 119,000 |
|
| plus Custom Duty |
Rs. 89,250 |
|
| plus Sales Tax |
Rs. 35,402 |
|
| Total |
Rs. 243,652 |
Rs. 12,183 |
| Special Federal Excise Duty - applicable rate 1% |
| 1% of Value determined |
Rs. 119,000 |
|
| plus Custom Duty |
Rs. 89,250 |
|
| Total |
Rs. 208,250 |
Rs. 2,083 |
| Total Taxes |
|
Rs. 138,918 |
|
