Rawalpindi: The Punjab government has decided to implement a 10% increase in Deputy Collector (DC) rates in Rawalpindi district starting July 1, 2019, a news source reported.
DC rates help provincial authorities determine taxes applicable on property transactions at the provincial level.
The new rates will be applicable on properties situated in urban and rural areas of the district, as well as those falling under cantonment’s jurisdiction. Moreover, stamp duty and other provincial taxes will be calculated and collected as per the proposed rates.
After the implementation of the new rates, property registration fee will increase by PKR 15,000. As per reports, the revised fee will be fixed at PKR 50,000.
Previously, the Federal Board of Revenue (FBR) had proposed to the provincial government to make the DC rate at par with property rates in the open market. However, the provincial government rejected the proposal.
The news regarding the implementation of new rates from July 1 onwards has brought along a rise in demand of property in rural and urban areas of Rawalpindi. Property registration offices in these areas have also reported a significant rise in property registration activities.