New property tax laws to be made and implemented - Zameen News

New property tax laws to be made and implemented

April 26, 2013 • news

taxThe caretaker Chief Minister (CM) gave orders for a new property survey to take place, in a cabinet meeting in Punjab. The secretary of Excise and Taxation Department briefed the CM about the concerns regarding property taxes.

The CM elaborated his reasons why it was important to conduct this survey as it would be a multi-tier process addressing many taxation issues. In this regard, the officers of excise department were given the duty to categorize areas according to the locality and place them in the right categories.

It was learnt by the authorities that many posh areas were graded in Category C just to keep their property taxes low. After the CM’s orders, this practice is to be ceased and all areas would now be categorized accordingly to impose appropriate taxes on them. D.H.A, Bahria town and other posh residences will come into category A. The new order also specified that the property has to be taxed according to its size. All houses bigger than 5 Marlas were to be taxed.

This survey had been due since a long time but was being forestalled by previous governments. The new law is expected to generate revenue worth millions of rupees for the Excise Department, because instead of paying taxes as per the law of 2002, the property holders and landowners will now pay the taxes according to the new revised rates. The CM laid stress on devising tenancy laws that are just by saying that it is the basic duty of any ruling government to adhere to them.

Stringent instructions were imparted to the officials of Excise Department to recover all the tax deficits and unpaid taxes. It has also been part of the notification that the excise inspectors found giving favors or illegally exempting anyone from tax will be dealt with severely with the issuance of show-cause notices meant to shirk their duty tenure.

Before the survey commences, people would be notified by a government proclamation through newspapers and TV.