Lahore (National Times) Here is a great news for car owners in Punjab! The government is offering a 10% discount on vehicle token taxes if you pay through the ePay Punjab app. That’s right, you can save money while also making your life easier.
The ePay Punjab app is a handy tool that lets you pay different kinds of taxes and fees online. Instead of standing in long lines at government offices, you can quickly pay your token tax right from your phone.
This discount is a great way to encourage people to use digital payments and reduce the use of cash. It’s a win-win situation! But hurry, this offer ends on September 30th, 2024. Download the ePay Punjab app today and enjoy the savings!
New Vehiclet Token Tax
In recent fiscal budget 2024-25, the provincial government has introduced a new token tax policy aimed at vehicle owners in the region. This policy mandates that the new owner of a vehicle with an engine capacity up to 1000cc must pay the full token tax again upon transferring ownership.
Annual Token Tax
Under the new regulations, the annual token tax for vehicles will no longer be based on engine capacity (cc) but on the invoice value of the vehicle.
1000cc to 2000cc Vehicles: An annual tax of 0.2% of the invoice value will be imposed.
Exceeding 2000cc Vehicles: The annual token tax will be 0.3% of the invoice value.
Lifetime Token Tax
In addition, the lifetime token tax for vehicles up to 1000cc has been inched up from previous Rs. 15,000 to the new Rs. 20,000.
When transferring ownership of a 1000cc vehicle, the new owner will have to pay the lifetime token tax with a 10% annual discount if the transfer occurs within 10 years. However, if the transfer takes place after 10 years, no lifetime token tax will be charged.
These changes are expected to impact vehicle owners financially, especially those dealing in used cars. The shift from engine capacity-based to invoice value-based taxation could result in higher taxes for newer, more expensive vehicles.
