The following is the formula for importing Asian made cars in Pakistan
1. Price of car (say) 500,000 Rs.
2. Freight from Japan 40,000 Rs.
3. Insurance 7,500 Rs (1.5%)
4. Landed cost Karachi 547,500 Rs
(Duty 50% upto 1300CC, 65% upto 1600CC, 75% for greater than 1600CC)
Say the car is 1300cc
5. Then duty (50%) 273,750 Rs
6. Total 4+5 821,250 Rs
7. add Sales Tax 15% 944,438 Rs
8. Income tax 6% 1,001,104 Rs
There are other hidden charges, unloading at port, transportation, clearing agent charges etc.
The same formula for used car, only 2% depreciation per month is allowed. Suppose 2 year car is imported, then
1. Price of new car 500,000 Rs.
2. minus dep. of 48% 240,000 Rs.
3. cost of used car 260,000 Rs.
4. Freight from Japan 40,000 Rs.
5. Insurance 3,900 Rs (1.5%)
6. Landed cost Karachi 303,900 Rs
(Duty 50% upto 1300CC, 65% upto 1600CC, 75% for greater than 1600CC)
Say the car is 1300cc
7. Then duty 151,950 Rs
8. Total 6+7 455,850 Rs
7. add Sales Tax 15% 524,228 Rs
8. Income tax 6% 555,681 Rs
other hidden charges remain
What about the new car introduced by Toyota in far east and china, Toyota vios as a replacement for echo/platz which are being discontinued from this year. Vios is available in 1500 and 1300 models as a competitor for Honda City and has overtaken city in sales and performance. Can any one tell its price and whether it is available in Pakistan or not.
