After Kia Lucky Motors added Capital Value Tax (CVT) to its lines, the pricing of Kia automobiles in Pakistan was modified. The Finance Act 2022 mandates a 1 percent CVT on vehicles with engines larger than 1300cc. The new tax is also applied to all orders starting on July 1, 2022.
Here are the updated prices once this new tax has been applied.
So because Kia Picanto’s engine is under 1300cc, the CVT is not relevant, therefore its pricing are unaffected.
And here’s the new price after taxes for the Kia Stonic, the company’s first vehicle to be impacted by the CVT.
• Due to the imposition of a Rs. 44,250 CVT, the first model, Stonic EX, would now cost Rs. 4,469,250 as opposed to the previous price of Rs. 4,425,000.
• An additional Rs. 47,250 is added as Capital Value Tax to the second model, Stonic EX+, bringing the cost up to Rs. 4,772,250 from Rs. 4,725,000.
Read more: Proton, Kia and Toyota suspended bookings for their cars due to uncertainty
Here are all the updated prices for the vehicle’s three variations.
• The price of the base Sorento 2.4 AWD model increased by Rs. 74,990 to become Rs. 7,573,990.
• The Sorento 2.4 FWD is the second model, and it now costs Rs. 6,904,360 instead of Rs. 6,836,000 since tax of Rs. 68,360 has been applied to it.
• The third and final option is the Sorento 3.5 FWD, whose tax raises the price from the previous Rs. 7,499,000 to Rs. 7,573,990.
Here are the updated pricing for the automobile following the application of the additional Capital Value Tax on the three variations of the Kia Sportage.
• The price of the Sportage AWD first variant has increased by Rs. 63,000 to Rs. 6,363,000 from its previous Rs. 6,300,000.
• In the meantime, a new tax of Rs. 58,000 is added to the price of the Sportage FWD second edition, bringing it from Rs. 5,800,000 to Rs. 5,858,000.
• The Sportage Alpha is the third option, and its new price is Rs. 5,353,000 as opposed to Rs. 5,300,000 as Rs. 53,000 has been added as tax.