LAHORE: People buying newly registered imported vehicles in Punjab will have to wait a year before ownership can be transferred to them.
The Punjab Excise and Taxation Department’s new policy requires imported vehicles to remain registered under the importer’s name for 12 months from the registration date. The restriction covers vehicles brought in under personal, gift and residence schemes. Previously, transfers could take place immediately after registration.
The department has updated its system to block transfers during the waiting period. Imported vehicles make up around 20% of registrations in the province, officials say. The change may also reduce government revenue from transfer fees, which were previously collected when ownership changed soon after registration.
