LAHORE - The Punjab government has levied tax on imported luxury cars, while stamp duty on property has also been introduced in provincial budget for 2008-09. According to Punjab Finance Bill 2008, the government has introduced luxury tax on imported cars. The provincial government will charge Rs 200,000 on imported cars with engine capacity from 2000cc to 3000cc. Rs 300,000 will be charged if engine capacity exceeds 3000cc. This tax will affect those motorcars which were registered in Punjab after June 2005. The government has imposed two per cent stamp duty of the property on transfer of immovable property including sale exchange, gift or mortgage. Similarly, government will charge 2 per cent stamp duty over the transfer of a right or interest from one person to another person of development authority, housing authority, cooperative housing society, company or developers. The taxes will be applied from July 1, 2008. The provincial government has also increased the sales tax from 15 per cent to 16 per cent according to federal government's decision. Punjab government has also increased entertainment duty on horse race from 50 per cent to 100 per cent. However, the government has been exempted those imported luxury cars which are owned by the federal government under the Punjab Motor Vehicles Taxation Rules, 1959. The tax should be paid within the prescribed period and if anyone fails to do so, a penalty will be imposed on the defaulter. The fine will not exceed the amount of tax.