Save on Token Taxes with ePay Punjab

Abdullah

01 Aug 2024

240

Save on Token Taxes with ePay Punjab

Attention car owners in Punjab! The provincial government has introduced a fantastic opportunity to reduce your vehicle token taxes by 10% when you pay using the ePay Punjab app. This initiative not only helps you save money but also streamlines the tax payment process.

Simplify Your Payments with ePay Punjab

The ePay Punjab app is an efficient tool that allows you to handle a variety of tax payments online. Forget about waiting in long queues at government offices; now you can settle your token taxes conveniently from your mobile device with just a few clicks.

The Notice Read

Promoting Cashless Transactions

This discount is part of a broader push to encourage the adoption of digital payment methods and minimize cash usage. It's a mutually beneficial program! Make sure to take advantage of this offer before it expires on September 30th, 2024. Download the ePay Punjab app and start enjoying these savings now!

Updated Vehicle Taxation Rules

As part of the 2024-25 fiscal budget, Punjab’s government has revamped the vehicle token tax structure. These changes affect both new and existing vehicle owners across the region.

Transfer Tax for Vehicles Under 1000cc

New policies require that if you purchase a vehicle with an engine capacity of up to 1000cc, the token tax must be paid in full again when ownership is transferred. This ensures that tax liabilities are clearly defined for new owners.

Annual Tax Based on Vehicle Value

The annual token tax is now determined by the vehicle's invoice value rather than its engine capacity. The new rates are as follows:

Vehicles from 1000cc to 2000cc: An annual tax of 0.2% of the vehicle's invoice value is required.
Vehicles Over 2000cc: The annual token tax rate is 0.3% of the vehicle's invoice value.

Lifetime Token Tax Changes

The lifetime token tax for vehicles with an engine capacity of up to 1000cc has increased from Rs. 15,000 to Rs. 20,000.

If you transfer ownership of a 1000cc vehicle within 10 years, you can benefit from a 10% annual discount on the lifetime token tax. However, no lifetime tax is imposed if the transfer happens after 10 years.

Impact on Vehicle Owners

These adjustments will particularly affect those involved in the used car market, as newer and more costly vehicles may incur higher taxes under the new valuation method based on invoice value rather than engine capacity.

We are eager to hear your opinions about these changes and the token tax discount. Share your views in the comments!

Used Cars in pakistan 2024 Punjab Car Owners Vehicle Token Tax ePay Punjab Digital Payments Tax Discount Fiscal Budget 2024 Vehicle Ownership Invoice Value Tax Lifetime Token Tax Used Cars Price in Pakistan 2024

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