Rawalpindi: The Punjab Excise & Taxation Department has decided to postpone its ongoing property survey geared for an annual upward revision in taxes applicable on immovable properties in the province, a news source reported. Following this suspension, property taxpayers in Punjab are required to pay against the same tax rate in Fiscal Year 2020-21 that was applicable during FY 2019-20.
The annual property tax survey is completed each year by June 30. The findings of this survey help the provincial governments decide on the percentage rise in property tax (applicable in the next fiscal year) – in accordance with the annual rise seen in properties’ value. Now, the Excise Department will initiate the property survey in April/May 2021. The survey results will help the provincial government decide the percentage rise on property tax applicable on property owners in the Fiscal Year 2021-22.
Reportedly, the government has taken this decision to provide relief to the people affected by the lockdown imposed to contain the COVID-19 spread. In this regard, the provincial government directed the Excise Department to postpone conducting the property tax survey for the year.
Moreover, sources also claim that the taxation department has informed all Excise officials to implement the orders. Taxpayers will now be required to pay the same property tax by June 30, 2021 as that they are to pay by June 30, 2020.
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.
