Excise to roll out new property tax rates from Jan 1

Taxpayers, who submitted their tax by Oct 31, are exempted from new rates

RAWALPINDI:

The Excise Taxation and Narcotics Control Department (ETNCD) has finalised preparations to implement heavy property tax in all six districts of the Rawalpindi Division from January 1, 2025.

The residents of Rawalpindi, Attock, Jhelum, Chakwal, Talagang, and Murree will receive bills with new tax rates.

The department has developed a new formula for increasing the luxury property tax.

Under this new approach, future property taxes will be based on the property DC rates calculated by the Deputy Commissioner (DC) in each district rather than following the old ongoing rates set by the department.

The department will start distributing new tax bills to taxpayers from November 15. Beginning on January 1, taxpayers must submit domestic and commercial property tax based on the new rates.

Taxpayers, who submitted their property tax by October 31, are exempted from the new rates. These taxes reflect a significant increase of 20-35% compared to previous taxes, aiming to boost tax revenue and help the department meet its current financial year targets.

The ETCND has significantly upgraded its smart computerised card system for registering new vehicles and motorcycles.

This upgrade includes preparing smart computerised cards for all pending vehicle and motorcycle registrations from the previous year, which have been submitted to the department for processing.

Distribution of these cards has commenced through the Pakistan Post.

Additionally, the number plate system for new vehicles and motorcycles is being privatised, allowing owners to create their number plates.