Lahore: The Excise, Taxation and Narcotics Control Department (ETNCD) has decided to conduct a general survey to determine the status of property tax payment in Punjab, reported a news source. This survey is conducted after every five years.
Based on the survey results, the department will include newly constructed commercial and residential units into the tax net. Reportedly, the ETNCD has already started taking the required measures in this regard. The initiative will help the department increase its revenue by 30%.
According to sources, around 200,000 new property units were added to the databank maintained by the ETNCD after a province-wise internal audit was conducted this year. This contributed to a rise of PKR 1 billion in the department’s revenue.
The general property tax survey helps the ETNCD ascertain the value of property in the province. In addition, this helps determine and assign new property categories changed during the last five years.
Sources from the ETNDC revealed that they have been instructed to conduct this survey in the fiscal year 2019-20, with all arrangements to be prepared. Based on the survey findings, the ETNCD will collect property taxes according to the new categories allocated to various properties.
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.
