LAHORE: The Punjab caretaker authorities has authorised the evaluation of property tax throughout the province after 9 years.
As per the abstract authorised by the cupboard, a brand new valuation desk of property tax will likely be created wherein the property tax will likely be decided based mostly on the brand new rents. Will probably be adopted by 400 % improve of the property tax on industrial and residential properties in posh areas (class A).
After the survey, working and calculation relating to the rise in property tax, the abstract will likely be despatched to the cupboard for approval.
Sources stated the brand new valuation desk will embody A class to G class. The cupboard has additionally authorised imposition of property tax on even 5-marla homes in posh areas (Class A), which had been earlier exempted from property tax.
Sources stated that property tax evaluation in Punjab was final executed in 2014. Based on the regulation, property tax evaluation needs to be executed after each 5 years, which was not executed.
Sources stated that in keeping with property tax evaluation in 2014, within the A class areas, the lease of economic property is Rs120 per sq ft whereas the property tax for private use is mounted at a flat fee of Rs24 per sq ft. The lease per sq. ft of those industrial properties has reached Rs500, which will likely be assessed for property tax based mostly on the present lease.
As per the consolidation, the earlier valuation desk will expire on thirty first December 2023 and new evaluation have to be utilized from 1st January 2024 based mostly on the prevailing lease.
The cupboard has authorised token tax of Rs2,500 per seat on autos with 7 or extra seats, plus 3 % and minimal 2 % on reserving of autos from 1,500 to 2,000cc and on registration of electrical autos, 95 % exemption from token tax prolonged until June 30, 2025.
Punjab has additionally elevated the steelhead responsibility on liquor from Rs600 to Rs1,200 per gallon and vendor price has been elevated from Rs1,600 to Rs2,500 per gallon.