Lahore: The Excise Department has decided to change the Punjab Urban Immovable Property Tax Act 1958, which has been in place from the last 60 years, according to a news source. A German company will help prepare a new legal document within six months, which will be formed on modern lines by incorporating information technology.
In this regard, a planning workshop was organised by GIZ – a company operating in Pakistan on behalf of the German Government – which was attended by Excise Secretary Dr Ahmed Bilal, Excise Director General Akram Ashraf Gondal, and all the other directors representing the department.
The decision to replace the existing tax was taken after a consultation workshop with the attendees.
The new act will help millions of people have an assessment on their due property taxes, as well as help provide transparency in the transfer process. Furthermore, the parameter and procedure to calculate property taxes will also be revised under the new act.
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.
