LAHORE: The Punjab government has waived off fine on token tax till June 30, 2015 enabling citizens to pay token tax without any extra charges.
After the announcement of waiving off the penalties on taxes, a large number of defaulters has moved to the Excise offices. Most of the defaulters are of one time token tax on vehicles under 1000cc.
According to sources and circular issued from Excise Directorate, no fine will be received from the defaulters of token tax. This decision was taken after the announcement of the Punjab budget.
Now vehicles less than 1000 cc can get their token cleared by paying their net amount of Rs 10,000 which is a life time token tax. Vehicles more than 1000 cc and less than 1300 cc will have to pay Rs 1800 for the token tax of 2015-16, vehicles more than 1300 cc and less than 1500 cc can get token tax clearance by paying only amount of Rs 6000. From 1500 to 2000 cc vehicles owners can get their token tax ticket by paying Rs 9000 which is net amount for the year of 2015-16 and no fine will be charged on it.
Waiving of the fine on late payment of token tax can increase the revenue of the Excise and Taxation Department of Punjab which is facing shortfall in motor vehicle taxes for the fiscal year of 2014-15. Now only one week has left to recover and to shorten the space between recoveries and the target.
