Rawalpindi: According to news reports, the Punjab Excise, Taxation, and Narcotics Control (ET&N) Department has initiated a property survey in the Rawalpindi division to extend the tax net. The survey is being carried out in 19 union councils to document new and old commercial, residential, and corporate structures.
Read More: FBR all set to launch Pakistan’s first single sales tax portal
Specialized teams have been developed to document and record newly constructed dwelling units, municipal corporation buildings, and commercial properties, led by area excise inspectors.
Beginning in January 2022, all commercial operations conducted in residential buildings, including beauty salons, department stores, tuition centres, and small businesses, will be categorised as commercial and subject to additional taxes.
Read More: FBR exceeds tax collection target for October, shares statistics
Warehouses, mini-factories, stores, tailor shops, confectioneries, production units, small and large shops, and other commercial facilities will all be documented as part of the study. According to sources, the agency intends to tax 5-marla houses with rented first or second floors, which were previously exempt. The survey, which is anticipated to be completed by the end of December, is expected to increase tax collection by 35%.
Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City or Blue World City Islamabad.