- The Punjab Assembly approves a Rs. 5446 billion budget for 2024–25.
- Revised vehicle registration fees take effect on July 1, 2024.
- The changes aim to modernize and improve the tax system in Punjab.
LAHORE, June 2024 The Punjab Assembly has officially passed a budget of Rs. 5446 billion for the fiscal year 2024–25, introducing notable revisions to vehicle registration fees. Effective July 1, 2024, these updates will impact the costs associated with registering motorcycles and cars throughout the province.
Updated Vehicle Registration Fees in Punjab
A significant aspect of the new budget involves adjustments to registration fees for motorcycles and cars. The Punjab Excise and Taxation Department, responsible for fee collection and issuing registration numbers, has outlined the following changes:
- Motorcycle and Scooter Registration Fee: The registration fee for motorcycles and scooters has been standardized at Rs. 1500. Additionally, a 10% annual fee will be applied for transfers within the first 10 years.
- Cars Up to 1000cc: Owners of cars with engine capacities up to 1000cc will now pay a registration fee of Rs. 20,000, along with a 10% annual transfer fee.
- Cars Between 1000cc and 2000cc: Vehicles falling within the 1000cc to 2000cc range will incur a registration fee equivalent to 0.02% of the purchase price.
- Cars Over 2000cc: For cars exceeding 2000cc in engine capacity, the registration fee will be 0.03% of the purchase price.
Implications for Vehicle Owners in Punjab
These adjustments aim to modernize the existing tax system, which has remained largely unchanged for the past seven decades. Vehicle owners across Punjab are urged to prepare for these revised fees, which are designed to streamline and enhance the efficiency of the registration process.
The Finance Bill, signed by Punjab Assembly Speaker Malik Muhammad Ahmed Khan, formalizes these changes. Vehicle owners are encouraged to visit the Punjab Excise and Taxation Department’s official website for detailed information and to calculate their new registration fees based on the updated rates.
Why These Changes Matter
The increase in vehicle registration fees is a strategic step by the Punjab government to bolster provincial revenue streams. It represents a broader initiative to reform outdated tax structures and ensure equitable taxation across various vehicle categories.
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Stay informed about further developments regarding the Punjab budget and vehicle registration fees by following updates from local news outlets and the Punjab Excise and Taxation Department.
