Lahore: The Punjab government has announced that property taxes will now be determined based on the District Collector (DC) rate for all property types, starting January 1, 2025. This change aims to simplify the property tax system and enhance transparency across the province.
Previously, property taxes were assessed based on rental values, but under the new system, taxes will be calculated using the capital value of properties, which will be aligned with the DC rates of each district. Property owners will now be able to self-assess their property’s value for tax purposes, and their declared value will be accepted for tax collection.
Secretary Excise, Taxation, and Anti-Narcotics, Masood Mukhtar, explained that this shift represents a major overhaul after 65 years. He emphasized that the reforms are designed to benefit the public and simplify the taxation process, rather than adding a financial burden.
The new system also includes incentives, such as no additional taxes for current taxpayers until June 30, 2025, and up to a 50% discount for new taxpayers on outstanding dues. New entrants to the tax net will only pay 25% of their total tax for the next six months.
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