Lahore, June 2024 – The Punjab Assembly has officially approved a budget of Rs. 5446 billion for the fiscal year 2024-25, which includes significant updates to vehicle registration fees. Starting July 1, 2024, the revised fees will implemented, impacting the registration costs for both motorcycles and cars across the province.
Updated Vehicle Registration Fees in Punjab
One of the major changes in the new budget is the increase in registration fees for motorcycles and cars. The Punjab Excise and Taxation Department, responsible for collecting these fees and issuing registration numbers, has announced the following updates:
- Motorcycle and Scooter Registration Fee: The registration fee for motorcycles and scooters now set at Rs. 1500. Additionally, a 10% annual fee will charged for transfers within the first 10 years.
- Cars Up to 1000cc: The registration fee for cars with an engine capacity up to 1000cc has been increased to Rs. 20,000, with a 10% annual transfer fee.
- Cars Between 1000cc and 2000cc: For vehicles with an engine capacity between 1000cc and 2000cc, the registration fee will be 0.02% of the purchase price.
- Cars Over 2000cc: Vehicles with an engine capacity over 2000cc will now have a registration fee of 0.03% of the purchase price.
Implications for Vehicle Owners in Punjab
These changes in the registration fees are part of the government’s efforts to update and modernize the tax system that has been in place for the past 70 years. Vehicle owners in Punjab will need to prepare for these new fees, which aim to streamline and increase the efficiency of the registration process.
Punjab Assembly Speaker Malik Muhammad Ahmed Khan has signed the Finance Bill, making these changes official. Vehicle owners are advised to visit the Punjab Excise and Taxation Department’s official website for more details and to calculate their new registration fees based on the updated rates.
Why These Changes Matter
The increase in vehicle registration fees is a significant move by the Punjab government to boost provincial revenue. It also reflects a broader strategy to update outdated tax structures and ensure fair taxation across different vehicle categories.
Stay updated with the latest news and announcements regarding the Punjab budget and vehicle registration fees by following local news outlets and the Punjab Excise and Taxation Department.
For more information, visit the official Punjab Excise and Taxation Department website.
Keywords: Punjab vehicle registration fees, car registration fee increase 2024, motorcycle registration fee Punjab, Punjab budget 2024-25, Punjab Excise and Taxation Department.
