Punjab likely to increase property tax rate by up to 70pc. In response to a recent survey, the Punjab Excise and Taxation Department has decided to raise property taxes across the entire province.
According to media sources, a survey of more than 40,000 residential and commercial sites in Punjab has been completed, and the Punjab Excise and Taxation Department has begun creating a new property tax valuation table.
According to a new survey conducted after a decade, the property tax rate is anticipated to rise to 70% due to an increase in property rents.
Additionally, officials considered ending a 20 percent discount on homes larger than a certain area when creating the valuation table.
Also read: Punjab govt to take monthly house tax from 16 tehsils
As Punjab likely to increase property tax rate by up to 70pc after fresh survey, following the temporary government’s ratification of the tax rate, the new taxes are most likely to take effect in January 2024.
The Excise, Taxation & Narcotics Control Department is a department of Government of Punjab, Pakistan. The Excise, Taxation & Narcotics Control Department collects various taxes and duties and suggests ways and means for additional resource mobilization in the Province.
Various type of taxes department collects include:
- Motor Vehicle Tax
- Property Tax
- Excise Duty
- Professional Tax
- Entertainment Duty
- Luxury House Tax on Houses & Farm Houses
- Cotton Fee
