PROPERTY TAX WILL BASE ON ITS RENTAL VALUE INSTEAD OF THE AREA – Ukaaj.com | A great real estate is HERE !

PROPERTY TAX WILL BASE ON ITS RENTAL VALUE INSTEAD OF THE AREA

  • 6 months ago
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PROPERTY TAX WILL BASE ON ITS RENTAL VALUE INSTEAD OF THE AREA

New amendments in property tax are underway as previously the taxation was defined by the area, no duty or tax will be levied on entertainment at the provincial level,” Punjab Finance Minister Makhdoom Hashim announced.

Massive amendments are expected in the Punjab Urban Immovable Property Tax Act 1958.

Tax collection at the local level will be utilised to deliver municipal services area-wise, whereas local government will govern the municipal services.

The need for a neutral & private third party evaluation of rental & commercial properties was also discussed, instead of only relying on excise officers for their evaluation services.

The meeting included Punjab Industry and Commerce Minister along with all relevant officials & elected ministers.

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