Gujranwala: Punjab Excise and Taxation Department has decided to bring Gujranwala’s commercial and residential properties located on highways and motorways in to the tax net, according to a news source.
For this purpose, the department will form survey teams soon, which will collect data on properties located along major highways and motorways in Gujranwala, including the GT Road.
Reportedly, the excise department has also completed the ground work to increase its revenue, by collecting property tax for the first time from owners of commercial and residential property located on highways and motorways.
In the first phase, the department will impose and collect property tax from all kinds of such properties in Gujranwala, Gujrat, Sialkot, Hafizabad, Narowal and Mandi Bahauddin. The provincial government expects to collect tax revenue worth millions of rupees.
Sources within the department say that in the absence of property valuation rates notified earlier by the Federal Board of Revenue for properties located on highways and motorways passing through or along the abovementioned cities, property tax will be collected according to the deputy collector’s (DC) rate.
The Government of Punjab will take the final decision on the scheduled rate for collecting tax on such properties. In the meanwhile, Excise and Taxation Department will form the survey teams in a few days. Once the survey is complete, the department will send tax notices to the property owners.
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.
