25% sales tax: Pak Suzuki increases price of Swift GLX CVT in Pakistan by Rs304,000
- Vehicle to now cost Rs5,429,000
Pak Suzuki has announced on Monday an increase of Rs304,000 in the price of its Swift GLX CVT variant in Pakistan, saying the decision comes after the government’s move to hike the sales tax to 25%.
With the latest increase, the new price of Suzuki Swift GLX CVT stands at Rs5.429 million.
The new price took effect from March 8, 2024.
“In reference to the S.R.O 370(1) dated 8th March 2024 issued by Ministry of Finance and Revenue, Government of Pakistan, sales tax has increased from 18% to 25% on locally manufactured or assembled vehicles if invoice price (excluding sales tax) exceeds Rs4 million for the vehicles falling under chapter 87.03 of the Pakistan Custom Tariffs,” the company notice read.
This is the second time Pak Suzuki has increased the price of this variant. Earlier, the price was increased by Rs85,000 on March 1, along with a hike in prices of many variants.
“Keeping in view inflation, increased overhead expenses, increased international raw material and accessories cost, and shipment/freight charges, it became difficult for Pak Suzuki to hold the prices,” Shafiq Ahmed Shaikh, Head of Corporate Affairs, told Business Recorder then.
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