Rental Value to Become Base of Property Tax
Lahore: According to the news source, the Punjab Finance Minister Makhdoom Hashim Bakht declared that the property tax will henceforth be determined by rental value rather than location. A reassessment of the suggestion to narrow the gap between personal usage and tenancy in commercial real estate was also suggested by him.
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During a meeting of the Ministerial Committee for Resource Mobilization 2021–2022, Minister Bakht made these remarks.
During the meeting, he also mentioned that the Punjab Urban Immovable Property Tax Act 1958 needs to be amended in order to improve local government, municipal taxation, and service delivery. However, before the amended law is put into effect, the definition of municipal services will be included in the Local Government Act.
According to Mian Aslam Iqbal, arbitrators should be chosen to establish the rental value rather than relying on the excise and taxes officer to do so. He said that property owners avoid paying taxes by depending on the neighborhood even if the value of their rentals rises every year.
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Finance department was instructed to analyze the tax exemptions available based on location and the property taxes based on rental value in order to determine the best course of action.
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