| LAHORE - The Excise and Taxation (E&T) Department Punjab has issued a notification regarding reforms in the property tax system. According to E&T Director General Umer Sher Chattha, the notification had been implemented following approval from the provincial cabinet. The aim is to ensure transparency and uniformity in the property tax system.
Under the new reforms, property tax will be determined based on the value specified in the DC Table. Residential homes and plots valued up to 5 million rupees will be exempt from the tax. Existing taxpayers will not be required to pay any additional taxes for the current financial year, while new taxpayers will only need to pay 25pc of their total tax liability for this year.
The DG further clarified that a self-assessment facility will be provided to taxpayers, enabling them to estimate their dues based on the value of their property. This system will allow taxpayers to easily calculate their tax obligations.
The revenue generated from property taxes will be spent on providing essential services in the areas from which the taxes are collected. The E&T department’s initiative is a significant step towards enhancing public convenience and improving the tax system. |
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