Vehicle Registration Fees Experience Substantial Increase

Vehicle Registration Fees Experience Substantial Increase

Islamabad: Following the approval of the Punjab Assembly Budget 2024-25, there has been a significant increase in vehicle registration fees, marking a notable shift in policies that have remained largely unchanged for 70 years.

Starting July 1, 2024, motorcycles and scooters will incur a fixed registration fee of Rs 1,500.

Additionally, there will be a 10% annual fee for registration transfer within 10 years. Vehicles with engine capacities up to 1,000cc will face a registration fee of Rs 20,000, along with the 10% annual transfer fee.

For vehicles ranging from 1,000cc to 2,000cc, the registration fee will be 0.02% of the purchase price. Vehicles exceeding 2,000cc will be subject to a registration fee of 0.03% of the purchase price.

These adjustments are part of broader efforts to modernize and streamline the province's tax structure, aiming to enhance revenue while updating the taxation system. The budget also includes initiatives aimed at improving infrastructure, education, and healthcare services across Punjab.