Property tax increased for new fiscal year
The government has also introduced a new definition of tax fraud, which now includes the intentional evasion of legally due tax or obtaining an undue refund by submitting false documents, false returns, or withholding correct information. photo: REUTERS
The Department of Excise, Taxation, and Narcotics Control has increased property tax rates for the new financial year. Tax notices have been issued to all taxpayers in Rawalpindi Division. The department is offering two discount options: a 5 per cent discount for lump sum payments made within three months and a 7 per cent discount for online submission.
The preparation of tax notices for all domestic and commercial property taxpayers is in its final stages, set to be completed by July 10. The new notices will include a stern warning that defaulters will face substantial penalties. While ancient properties will retain their existing tax rates, new properties will see a significant increase of 10 to 15 per cent. However, three marla houses have been exempted from fresh taxes, although notices for outstanding balances will still be issued for these properties.