LAHORE: The Excise and Taxation Department Punjab has revised up the transfer fees for vehicles and commercial vehicles in line with the budget announced by the caretaker government.
The department has notified the increase in transfer fee for the first time in 19 years, with effect from July 7, 2023. The transfer fee for a motorcycle has been increased from Rs150 to Rs500 while it has been jacked up to Rs2,500 from Rs1,200 for vehicles up to 1000cc.
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For up to 1800cc vehicles, the transfer fees were increased by Rs3,000 to Rs5,000 while above 1800cc the excise department will collect Rs10,000 as compared to the previous Rs3,000. The transfer fee for commercial vehicles has been increased by Rs1,000 to Rs5,000.
On the other hand, the provincial authority has reduced the registration fee for 1501-2000cc vehicles by one percent, taking it to 2 percent from the previous 3 percent.
Furthermore, the government has extended a 95 percent discount in motor vehicle tax for electric vehicles till June 2025. It has also announced a new withholding tax on registration of vehicles above 2001cc.
Private vehicles previously subject to a token tax of Rs 2,500 per seat will now be taxed based on the engine capacity of the vehicles.
