ISLAMABAD, JULY17: For the upcoming fiscal year, the Department of Excise, Taxation, and Narcotics Control has raised the rates on real estate taxes. Each and every taxpayer in the Rawalpindi Division has received a tax notification. Two discount options are available from the department: a 5% discount for lump sum payments submitted within three months, and a 7% discount for online filing.
By July 10, all taxpayers with residential and commercial property will receive their tax notices. The last stages of the preparation process are now underway. A severe warning that defaulters will incur heavy fines will be included in the revised notices. The current tax rates on new properties will be significantly increased by 10 to 15 percent, while those on old properties will remain unchanged. Three marla homes, on the other hand, are no longer subject to new taxes, though they will still receive reminders for unpaid bills.
