Lahore: The Punjab Excise and Taxation (E&T) Department has announced its plan to tax 5-marla houses belonging to all categories – instead of the existing practice of taxing only A-category 5-marla houses, according to news sources.
Read: Minister finds property tax exemption on 5-marla houses ‘unjustified’
Reportedly, the provincial E&T Department has formulated suggestions to tax these houses as per the rental value. The said proposal has been forwarded to the provincial government for approval and implementation in the next fiscal year. The department has revealed that it has the possession of rates table for all areas of the province.
Read: Excise orders property tax collection from owners of houses, shops located along highways
The house owners generating an annual income of PKR 225,000 will be liable to pay 5% of the amount as property tax, as per the suggested plan. The final decision in this regard will be subjected to the government’s approval.