Property Tax Reforms, Notification Issued
The Excise and Taxation Department of Punjab has issued a notification for reforms in property tax.
According to DG Excise and Taxation Umar Sher Chatha, this notification has been implemented after the approval of the cabinet, which aims to ensure transparency and uniformity in the property tax system.
Under the reforms, the future property tax will be determined according to the value given in the DC table.
Residential houses and plots worth up to Rs 5 million have been declared exempt from tax.
Existing taxpayers will not have to pay any additional tax this financial year, while new taxpayers will have to pay only 25 percent of their total tax this year.
The DG Excise and Taxation further explained that the facility of self-assessment is being provided to taxpayers to estimate their due taxes themselves.
Through this system, taxpayers will be able to easily estimate their due taxes according to the value of their property.
The money collected from property tax will be spent on providing basic amenities in the areas from where this tax is collected.
This effort by the Excise and Taxation Department will prove to be an important step in providing convenience to the public and improving the tax system.
