Lahore: The rift between Government of Punjab (GOP) and the Federal Government has grown concerning the PKR 8 billion shortfall on revenue collected through property taxes, reports a news source. The provincial government has reportedly refused to follow the new tax regime introduced by the Federal Board of Revenue in July 2016.
According to details, the provincial government has decided to raise their concerns in important meetings. Similar concerns have reportedly been raised thrice before the ex-Finance Minister Ishaq Dar. In these meetings, it was decided that after the 18th amendment, the GOP would be allowed to collect revenue in the form of property taxes. Despite the approval of the 18th amendment, the Federal Government continue to collect and keep property taxes, causing a financial loss to the provincial government in terms of stamp duty, and registration and mutation fees.
In this regard, the FBR says that the matter is under consideration and more effort has been made to solve the dispute in an effective manner.
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.
