The Punjab government has jacked up the toke tax rate for all vehicles, with effect from July 1, 2024 (today).
Starting from July 1, 2024, the Punjab government has increased the token tax rate for all vehicles. Individuals purchasing cars and other vehicles this month will incur higher token taxes.
In the 2024-25 Budget, which was approved by the provincial assembly last month, the lifetime token tax on cars with engine capacities of 1000cc has been raised. Additionally, the token tax for vehicles with engine capacities above 1000cc will now be determined based on the invoice price rather than engine size.
Given that the Suzuki Alto features a 660cc engine, the Excise and Taxation Department applies a lifetime token tax to it.With its appealing design and fuel efficiency, the Suzuki Alto has become a preferred choice for many in Pakistan, particularly in Punjab, amidst rising petrol prices.The low maintenance costs, easy availability of parts, and extensive service network throughout Pakistan also contribute to its growing popularity in the country.
When purchasing a new vehicle, several mandatory payments, including various taxes, must be made to the government. Among these is the token tax. In Punjab, the Excise, Taxation, and Narcotics Control Department is in charge of collecting a variety of taxes and duties, including the motor vehicle token tax, throughout the province.In previous fiscal year ending on June 31, 2024, the excise department collects Rs15,000 one-time token tax on Suzuki Alto.The government has increased the lifetime token tax on Suzuki Alto by Rs5,000, taking it to Rs20,000 per unit from July 1, 2024 .
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