Pak Suzuki Motor Company Limited (PSMC) announced a substantial increase of Rs304,000 in the price of its Swift G. CVT model, effective from March 8, 2024.

This adjustment comes in response to the recent surge in taxes imposed by the government on locally manufactured or assembled vehicles, as indicated in the company’s official notice issued today.

Consequently, the new sale price for the Swift G. CVT model will see an adjustment from Rs5.125 million to Rs5.429 million, reflecting the impact of the revised tax structure.

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The decision stems from a notification released by the Ministry of Finance and Revenue on the same date, highlighting a hike in the sales tax rate from 18 per cent to 25 per cent for vehicles falling under chapter 87.03 of the Pakistan Custom Tariffs, with an invoice price (excluding sales tax) exceeding Rs4 million.