The 1% tax levied from motor vehicle insurances to contribute to the Road Safety Fund has been increased to 2% with effect from the 1st of october 2021.
The Gazette notification in this regard was published on Friday, the 17th of September 2021.
The Road Safety Fund is established under the National Council for Road Safety which functions under the Ministry of Transport and Civil Aviation.
The 1% tax that has been levied from motor vehicle insurance companies is deposited monthly to the Road Safety Fund by the relevant companies. (NewsWire)
