Lahore: The Excise, Taxation and Narcotics Control Department has identified a total of 945 commercial units located along various highways and motorways in the province for imposing property tax, a news source reported. For this purpose, the department conducted a survey to identify such property units located along 7,600-kilometre-long highways and motorways in the province.
The initial proposal in this regard was prepared in April 2019, when the Excise department hoped to collect additional revenue worth PKR 3 billion by bringing these commercial property units under the tax net. The Punjab government provided its approval to the proposal during the last fiscal year and directed the department to prepare rules for imposition of property tax on commercial units located on highways and motorways.
Soon after receiving the directives, the Excise department initiated the survey to identify these property units and categorize them accordingly. To this effect, commercial properties on motorways were to be placed in Category A, while those on GT Road were to be categorized according to the nature of businesses being conducted there.
While the department has identified these properties units to increase its tax revenue, the final approval on it implementation remains to be issued. Moreover, since the government has declared 2020-21 to be a ‘tax-free year’, this particular tax will not be imposed this year.
Reportedly, the Excise department has sent the proposal summary to thePunjab Cabinet Subcommittee on Law for final approval. The proposal also includes recommendations on setting up of an ‘Appointment System’ in the Excise office at district level for collection of property tax.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
