Lahore: Punjab Excise, Taxation and Narcotics Control Department has announced November 9, 2018 as the deadline to bring owners of undeclared property assets into the tax net, reported a news source. These properties were kept undeclared to evade taxes.
On instructions of Punjab Excise Minister Mumtaz Ahmed, a crackdown will also be launched against officials from the excise department involved in helping with evasion of property tax. The excise directors of all regions in Lahore have been instructed to present a clearance certificate that no property in their respective zones is out of the tax net.
The action is being taken on complaints regarding presence of untaxed commercial and residential properties in the newly established housing societies. Initially, eight zones from Lahore region have been selected for probing the presence of undeclared property assets. The concerned excise tax officers are currently busy bring unregistered property assets into the tax.
Reportedly, the excise department is to meet its annual tax collection target of PKR 37 billion.
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.
