Punjab plans to revise property tax rates
The additional attorney general reiterated that the actual incidence of taxation was 5% of the fair market value and the term asset included immovable property. photo: file
Punjab Finance Minister Mujtaba Shujaur Rehman has stressed that the documentation of economy is the need of the hour and the provincial government will amend the Punjab Sales Tax Act to further improve the efficiency of its revenue authority.
Furthermore, the Punjab government will revise the Board of Revenue tax rates (for property and others), which have been frozen for the last 15 to 20 years.
The provincial administration will also encourage the use of plastic cards (debit and credit cards) and other such means for tax payment to the government.
It believes that data sharing with the Federal Board of Revenue (FBR) will lead to the expansion of the tax net and increase in revenue collection.
Presiding over the second meeting of the Ministers’ Committee for Resource Mobilisation 2024-25 at the Finance Department on Friday, the provincial minister directed the tax departments to come up with a formula under which tax rates could be changed after a certain period of time.
Proposals of the Board of Revenue and the Punjab Revenue Authority (PRA) were reviewed to increasingly utilise indigenous resources of the province.
Additional secretary finance, in his briefing on the performance of tax departments, informed the meeting that revenue collection by the Excise and Taxation Department and the PRA was continuously growing while the Board of Revenue was encountering difficulties in achieving its targets despite making all-out efforts.
Published in The Express Tribune, May 4th, 2024.
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