Business
Govt revises vehicle registration, transfer fee in line with provincial budget
The latest reports suggest that registration fee for vehicles ranging from 1501cc to 2000cc has been reduced by one percent, now standing at 2% compared to the previous rate of 3%.
Lahore: The Excise and Taxation Department of Punjab on Saturday announced revisions to the vehicle registration and transfer fees in alignment with the budget presented by the caretaker government.
The latest reports suggested that registration fee for vehicles ranging from 1501cc to 2000cc was reduced by one percent, now standing at 2% compared to the previous rate of 3%.
In a move to promote electric vehicles, the government extended a 95% discount on motor vehicle tax for electric vehicles until June 2025. Additionally, a new withholding tax has been introduced for the registration of vehicles above 2001cc.
The transfer fee for commercial vehicles has been raised by Rs 1,000, resulting in a revised fee of Rs 5,000. These revisions in fees aim to streamline the process and ensure transparency in vehicle registration and transfers.
Furthermore, changes were made to the transfer fees for motorcycles, cars, rickshaws, and commercial vehicles. The transfer fee for motorcycles increased from Rs 150 to Rs 500, while for vehicles up to 1000cc, it was raised from Rs 1,200 to Rs 2,500.
For vehicles ranging from 1001cc to 1800cc, the transfer fee has been increased by Rs 3,000, now standing at Rs 5,000. Similarly, for vehicles above 1800cc, the fee was raised to Rs 10,000 compared to the previous amount of Rs 3,000.