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Punjab Withdraw Tax Imposed on ‘Self-Use’ Commercial Properties

According to news reports, Punjab Finance Minister Hashim Jawan Bakht rescinded the tax imposed on commercial property classed as “self-use” in Lahore, providing a significant relief to the business community. The administration has also granted a two-week extension to the traders’ refund until all parties reach an agreement on this matter.

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The government put a tax on commercial property in August. However, the traders voiced their displeasure with the implementation of levies in the federal and provincial budgets and asked the Chief Minister (CM) to assist the pandemic-affected traders.

According to Tariq, the president of the LCCI, merchants will pay all required and acceptable taxes, but putting new property taxes on pandemic-affected merchants will hinder their economic progress.

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Additionally, the head of APAT raised the problem of tax notifications sent to dealers and urged the government to make the practice more transparent. The minister indicated that the traders’ recommendations would be reviewed at the next meeting of the Resource Mobilization Committee in an effort to strike a mutually beneficial agreement.

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