RAWALPINDI (APP) - The Excise and Taxation department have issued final notices to the owners of luxury vehicles to deposit taxes within a period of seven days or ready for punitive action. The Punjab govt has imposed tax on luxury vehicles of model 2003 or above, which are registered after June 30, 2005. Rs 200,000 tax has been imposed on imported vehicles with engine capacity from 2000cc to 3000cc. Rs 300,000 will be charged if engine capacity exceeds 3000cc. The tax is payable once a year, the sources confided APP here. After the stipulated time, a joint recovery team of excise and taxation and police would conduct raids at the homes of the defaulters and impose a 100pc fine and cancel the registration of the vehicle. According to director Excise and Taxation the arrest warrants of the defiant owners of luxury vehicles would also be issued.