The Punjab Excise and Taxation Department has unveiled significant reforms in the property tax system, aimed at enhancing transparency and standardization, following the provincial cabinet’s approval.
Director General Excise and Taxation Umar Sher Chattha stated that the reforms include property tax assessments based on district collector (DC) table values and exemptions for residential properties valued at up to Rs5 million. Existing taxpayers will not face additional liability this fiscal year, while new taxpayers will be required to pay only 25% of their total tax amount.
The department has also introduced a self-assessment system to facilitate citizens in calculating their taxes, with revenue collected earmarked for improving services in respective areas.
In a related development, the government’s decision to exempt non-filers from taxes on the purchase of properties worth up to Rs 10 million has been lauded by the Association of Builders and Developers of Pakistan (ABAD).
The exemption, recommended by the National Assembly’s Standing Committee on Finance and approved by the Federal Board of Revenue (FBR), is expected to stimulate growth in the housing market.
