Islamabad, Sep 3: Residents in Punjab will likely suffer more financial strain as a result of the impending introduction of a new property tax by the government.
The Punjab Excise and Taxation Department has been instructed to create a comprehensive list of all residential properties in the province by the end of next month, according to a private news channel.
Homes that are five marlas or larger will be subject to this new tax, whose rates are determined by the property’s assessed value. Properties that are worth more than Rs. 5 million will be subject to this tax rate.The action is a component of the government’s attempts to raise money via property-related taxes.
It’s also important to remember that a waste fee for residential and commercial properties throughout the province has already been approved by the standing committee of the Punjab cabinet.
A 5-marla dwelling in a rural region would pay Rs. 20 in rubbish taxes each month; a 10-marla house would pay Rs. 40; and enterprises of various sizes would pay between Rs. 300 and Rs. 1,000. In cities, the prices start at Rs. 300 for a 5-marla home and go up to Rs. 5,000 for homes bigger than one kanal.
The government’s plan to raise more money from property owners in both rural and urban areas is reflected in this new property tax and the newly passed rubbish tax.
