Lahore: The Metropolitan Corporation Lahore (MCL) recently decided to collect property transfer taxes online, in a bid to raise revenue and make it easier for the public to pay their taxes during the upcoming fiscal year — a news source reported earlier today (June 30).
In this regard, the Commissioner Lahore Division issued instructions for the implementation of the automated system in Lahore, Nankana, Kasur and Sheikhupura districts. Reportedly, the people transferring properties will have to pay 1% of the property value in stamp duty online, while they will also have to pay the Corporation Tax at the same time. The total amount will then be directly submitted into the MCL’s account.
The people transferring properties will obtain both stamp papers and Tax on Transfer of Immovable Property (TTIP) forms at one time. The Punjab Land Record Authority will sign an official agreement for the collection of TTIP with the Punjab Information Technology Board (PITB) next week.
Speaking on the matter, MCL Chief Corporation Officer Syed Ali Abbas stated that this initiative will also make the system more transparent and effective.
