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Lahore: According to a news source, the Excise and Taxation (E&T) department has written a summary to the Punjab government suggesting a 5% tax hike on owners of unoccupied properties larger than 5 marlas in size. The tax rate will be 5% of the government-notified rate for the property.

Read More: In Rawalpindi, a survey of properties near highways to be reassessed

According to sources, the installation of a tax on unoccupied plots at the government-notified rate will raise the due tax amount on owners by PKR 2,000 to PKR 20,000. Tax collection using this criterion will commence in the fiscal year 2021-22, according to the recommendation. This would allow the government to earn an additional PKR 2 billion in revenue.

In addition, the Punjab government has set a goal of increasing the number of registered unoccupied plots from 150,000 to 500,000 soon. Directives have been adopted in this regard to obtain data from the owners of private housing developments.

Read More: In Punjab, strategy designed to tax 5-marla houses (all categories)

The provincial government presently earns PKR 100 million in taxes from the owners of 35,000 unoccupied plots in Lahore, according to a news article. The authorities have now decided to expand the number of people on the list to 70,000.

For more information and details, visit our website Tajarat Properties.

 

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