Indus Motors has made Rs 20,000 increase in the prices of different models of Toyota Corolla and Cuore, saying that it was the result of continued appreciation of the yen against Pak rupee, sources told Business Recorder on Tuesday.
When contacted, an official said that the appreciation of yen had increased their exchange cost by 25 percent, which was ultimately passed on to the consumers. This is the second time that Indus Motors has increased its car prices as earlier prices were raised in February, 2008 by Pak Suzuki Motors and Toyota Indus Motor Ltd.
According to a circular, the company was revising the ex-factory prices for Corolla, Hilux and Cuore on account of Japanese yen appreciation against the rupee. The new prices will be effective from March 10, 2008.
The price of Altis MT has been increased by Rs 20,000 and with the increase vehicle will be available at Rs 1,292,000 (without withholding tax) instead of Rs 1,2,72000. It may be mentioned that Federal Board of Revenue (FBR) has temporarily suspended payment of 2.5 percent withholding tax for a period of two moths from February 21 to April 20.
The new price of Corolla Atlis AT after Rs 20,000 increase will be Rs 1,379,000 without withholding tax and Rs 1,415,000 with WH tax while new price of Corolla 2DSE will be Rs 1,175,000 without WH tax and Rs 1,205,000 with WH tax. The new price of Corolla 2DSN will be Rs 1,339,000 without WH tax and Rs 1,375,000 with WH tax.
Similarly, the prices of Cuore have been increased by Rs 20,000. The new price of Cuore CL will Rs 413,000 with WH tax and Rs 402,000 without WH tax instead of Rs 392,000.the new price of CL CNG will be Rs 4,44,000 without WH tax and Rs 4,56,000 with WH tax rather than Rs 4,34,000.
The price of Cuore CX, CX met, CX AT, CX AT met, CX CNG and CNG met were also increased by Rs 20,000 each. The company said that withholding tax that is suspended for two month will also be applicable after April 20, adding that prices are suggested retail prices, ex factory, per units inclusive of 15 per cent sale tax, 1 per cent FED and 2.5 per cent withholding tax where applicable.