LAHORE – The Punjab Assembly has approved Rs5,446 billion budget for next fiscal Year 2024-25 by a majority vote.
The new provincial revenues and budget measures will be implemented from from July 1, 2024, wherein taxes that had been in place for 70 years have been updated.
Punjab Assembly Speaker Malik Muhammad Ahmad Khan signed the Finance Bill. Rates of the registration fee for motorcycles and cars have also been revised by the government in the budget.
The registration fee is collected by the Punjab Excise and Taxation Department, which later issues the registration number for the cars and vehicles.
The registration fee for motorcycles and scooters has been set at Rs1,500, with an additional 10% annual fee for registration transfer within 10 years.
The excise will start collecting registration fee of Rs20,000 for vehicles up to 1000cc, with a similar 10% annual transfer fee.
The registration fee for vehicles between 1000cc and 2000cc will be 0.02 percent of the purchase price, and those over 2000cc at 0.03%.
