Punjab Real Estate Sectors’ Tax Potential Shared by World Bank
World Bank estimates of Punjab’s real estate sector’s tax potential
In a March 8 report cited by national media, the World Bank (WB) estimated the tax potential of the Punjab real estate sector at PKR 400 billion. According to the bank’s evaluation, this can be accomplished by utilizing digitized land records.
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According to the report, the three primary sources of revenue collection are services sales tax, urban immovable property tax (UIPT), and stamp duty, with the latter two relating to real estate. UIPT is collected by the Excise and Taxation Department (E&TD), whereas stamp duty is collected by the Board of Revenue (BoR).
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A centralized cadaster-based transparent land record system has the potential to increase Punjab’s revenue stream, according to World Bank research. Authorities will obtain data insights from a modernized land record database to analyze current policy measures, enhance coordination between E&TD and BoR, and enhance UIPT and stamp duty administration.
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According to reports, the Punjab Housing and Town Planning Agency intends to increase the existing housing stock by up to 2.5 million units. In contrast, the worldwide housing shortfall is projected to reach 11,3 million units by 2047. Urbanization, migration, and the deterioration of existing dwellings will increase the need for housing units.
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