PSMC increases price of Swift by Rs304,000 amid higher tax

MG News | March 11, 2024 at 05:11 PM GMT+05:00

0:00

March 11, 2024 (MLN): Pak Suzuki Motor Company Limited (PSX: PSMC) has raised the price of its Swift G. CVT model by Rs304,000, effective from March 08, 2024, as per a notice issued by the company today.

PSMC has attributed this price hike to the recent rise in taxes imposed by the government on locally manufactured or assembled vehicles.

According to a notification issued by the Ministry of Finance and Revenue on March 08, sales tax has increased from 18% to 25% on vehicles having an invoice price (excluding sales tax) exceeding Rs4 million and fall under chapter 87.03 of the Pakistan Custom Tariffs.

Resultantly, the sale price of the respective automobile product will now change from Rs5.125 million to Rs5.429m.

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