Punjab Excise hikes transfer fee and token tax by 50pc

The Department of Excise and Taxation (E&T) Punjab enhanced the transfer fee and token tax by 50 percent across the province, reported the 24NewsHD TV channel on Wednesday.

The token tax was increased by 50 percent for 1000CC to 2000CC vehicles. A 33 percent increase was noted for vehicles after 2001.

Excise officials said that the concession on property tax was decreased from 75 percent to 50 percent.

Property tax receivable was increased from 25 percent to 50 percent. Citizens can get a 10 percent discount on vehicle token tax for the first 2 months of the fiscal year.

Citizens will be able to avail themselves of a 5% discount on property tax for three months. Water taxes and property taxes are only paid through the online payment e-Pay. Collections have been initiated across the province for a target of Rs124 billion.

Reporter: Ali Sahi