Daily Times

Excise and Taxation Department Punjab sent a letter to 26 bank heads of Pakistan over not paying token taxes of more than 20,000 vehicles. According to ETO Admin Khalid Hussain Qasoori, as per the letter, the vehicle registration could be cancelled, 100 percent fine and banks’ properties may be seized and auctioned and bank sale. The letter further stated that banks receive monthly installments of their leased vehicles along with markup but neither they pay token tax of Punjab excise themselves nor encourage those who buy vehicles to pay in installments. The token tax could not be collected despite repeated notices, meetings and reminders through newspaper advertisements. The token tax with 100 percent fine would be collected along with cancellation of registration and banks sealing in case of non-payment of tax within 14 days, he concluded.