LAHORE: Buyers of imported vehicles in Punjab will now have to wait one year before transferring ownership of a newly registered imported vehicle to another person under a new policy introduced by the Excise Department.
According to details, the new policy prohibits the immediate transfer of ownership of an imported vehicle after its registration. The vehicle will have to remain registered in the name of the person who imported it for a full year.
Previously, ownership of an imported vehicle could be transferred to another buyer immediately after registration.
Excise officials said imported vehicles are registered under three categories personal, gift and residence and the new restriction will apply to all three categories.
Under the new policy, buyers will have to wait until one year has passed from the vehicle’s registration date before ownership can be transferred.
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The Excise Department has also incorporated a verification check into its system to ensure compliance. As a result, ownership transfers will not be processed before the completion of the one-year period.
Officials said imported vehicles account for an average of 20% of total vehicle registrations in Punjab. The new policy could also lead to a significant decline in Excise Department revenue, as immediate ownership transfers of imported vehicles had previously generated additional revenue.
