Rawalpindi: The Punjab Excise and Taxation Department has resumed the process for collection of property tax after a break of four months, according to a news report published on July 19. The step was taken in the light of the measures being taken to control the transmission of COVID-19 and provide relief to the people affected by the ensuing lockdown imposed in this regard.
As revealed earlier in the Punjab Budget 2020-21, no new tax on the property sector was imposed, while the government reduced the stamp duty to 1% and exempted registered real estate developers and builders from paying professional tax on provision of construction services. At the same time, the property tax payers were given permission to clear their annual levies in instalments, along with 10 % discounts in case of clearing their dues by September 30.
Moreover, the department will also conduct its annual survey to adjust the due taxes, in accordance with the annual rise seen in the properties’ value in 2021.
Considering the special arrangement in place after the COVID-19 outbreak, the department did not issue arrest warrants and red notices to the property tax defaulters this year. Instead, it has decided to adopt a softer policy along with several exemptions for the property taxpayers, including a special 5% discount for those opting to pay their property taxes via e-Pay.
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.
