Punjab has expanded its property tax system to include housing societies located outside urban areas for the first time. This move aims to broaden the tax net and enhance provincial revenue collection.
Property Tax on Housing Societies: Key Details
Under the new system, residents of government-approved housing societies will now be required to pay property tax. The tax will be calculated using the Deputy Commissioner (DC) rates, ensuring standardized assessments.
Role of Excise Officials in Tax Assessment
According to excise officials, the Excise and Taxation Officer (ETO) will be responsible for assessing and determining the property tax. This step is expected to bring more transparency and efficiency to the process.
Tax Net Expansion and Revenue Growth
Punjab’s property tax net currently includes approximately 2.5 million property owners. With the inclusion of housing societies located outside city limits, a significant increase in tax revenue is anticipated.
Government Approval in Process
Excise officials have confirmed that a summary regarding this extension of the tax system will be submitted to the government this week. The initiative will require cabinet approval before final implementation.
Impact of Property Tax Expansion
This decision to levy property tax on housing societies beyond urban areas reflects Punjab’s efforts to streamline its revenue system. It is likely to affect property owners in these areas while contributing to the province’s economic stability.
Stay updated for further developments as the government reviews and approves this significant policy shift.
