Lahore: According to press sources, Punjab Finance Minister Hashim Jawan Bakht abolished the tax levied on commercial property categorised as “self-use” on Tuesday, providing a significant respite to the business sector. The administration has also prolonged the merchants’ refund for another two weeks until all parties can agree on a solution.
The government introduced a commercial property tax in August. The traders, on the other hand, expressed their displeasure with the imposition of taxes in the federal and provincial budgets, and asked the Chief Minister (CM) to aid the pandemic-affected traders.
A meeting was held in the provincial Civil Secretariat, with the provincial finance minister presiding, according to the information. Hafiz Mumtaz Ahmed, the Provincial Minister for Excise and Taxation (E&T), Waqas Ali Mehmood, the President of the Lahore Chamber of Commerce and Industry (LCCI), Tariq Misbah, and the leaders of the All Pakistan Anjuman-e-Tajran (APAT), Waqar Ahmed Mian and Naeem Mir, all attended the meeting.
Traders will pay all required and acceptable taxes, according to LCCI President Tariq, but putting new property taxes on pandemic-affected traders will stifle their economic growth. The head of APAT also brought up the subject of tax notices delivered to dealers, and asked for permission to proceed.
The minister indicated that the traders’ recommendations would be taken into consideration at the next meeting of the Resource Mobilization Committee in order to establish a mutually beneficial agreement.