Lahore: The World Bank (WB) – in a recent report cited by the national dailies on March 8– has estimated Punjab real estate sector’s tax potential at PKR 400 billion. This, according to the bank’s report, can be materialized through digital land record keeping.
The report identifies services sales tax, urban immovable property tax (UIPT), and stamp duty to be the three primary sources for revenue collection, with the two of them being real estate-oriented. The UIPT is collected by the Excise and Taxation Department (E&TD) and the stamp duty by the Board of Revenue (BoR).
According to the World Bank report, a centralised cadaster-based transparent land record system has the capacity to boost the revenue stream for Punjab. With an improved land record base, the authorities will get data insights to analyze updated policy measures, enhance coordination between E&TD and BoR and improved implementation of UIPT and stamp duty.
As per the report, the Punjab Housing and Town Planning Agency is expected to add up to 2.5 million units to the existing housing stock. However, the overall housing shortfall is expected to reach 11.3 million units by 2047. The need for housing units will rise due to increased urbanisation, migration, and the degradation of existing homes.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
