Property tax to be based on rental value instead of area: Punjab Minster of Finance
LAHORE: “Property tax will be based on rental value instead of on area, and no duty or tax will be levied on entertainment at the provincial level,” announced Punjab Finance Minister Makhdoom Hashim Jawan Bakht, while presiding over a meeting of the Ministerial Committee for Resource Mobilization 2021-22.
In addition, amendments will also be introduced in the Punjab Urban Immovable Property Tax Act 1958, the meeting was informed.
The taxes collected at the local level will be utilised to deliver municipal services in the area where the taxes are collected, whereas the municipal services will be defined under the Local Government Act before the new tax laws apply, it was said.
The need for a third party to evaluate rental and commercial properties was also highlighted by the Punjab Finance Minister, instead of being dependent only on excise officers for their evaluation services.
The attendees of the meeting included Punjab Industry and Commerce Minister Mian Aslam, Punjab Agriculture Minister Hussain Jahanian Gardezi, Punjab Board of Revenue Minister Malik Anwar, Punjab Irrigation Minister Mohsin Leghari, Punjab Finance Secretary, Punjab Excise and Taxation Secretary, Member of Board of Revenue, Punjab Revenue Authority Chairman and other relevant officials.
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