|
Getting your Trinity Audio player ready...
|
Join Whatsapp Channel for more News
LAHORE: In a move to increase revenue, the Punjab government has decided to impose taxes on small and large homes across the province. According to sources, the Excise Department has been directed to compile a record of all homes by next month, after which taxes will be levied based on the DC rates.
The decision, approved by the Standing Committee of the Punjab Cabinet, aims to bring homes with a value of over 50 lakhs under the tax net. The tax rates vary depending on the size and location of the property.
In rural areas, homes up to 5 marlas will be taxed 20 rupees per month, while those up to 10 marlas to 1 kanal will be taxed 40 rupees. Small businesses and shops will be taxed 300 rupees, medium-sized businesses 700 rupees, and large businesses 1,000 rupees per month.
Read Also: Gold Prices Hit Record High in Pakistan
In urban areas, homes up to 5 marlas will be taxed 300 rupees per month, while those up to 10 marlas to 1 kanal will be taxed between 500 to 2,000 rupees. Homes larger than 1 kanal will be taxed 5,000 rupees per month.
The tax imposition is expected to affect millions of homeowners across Punjab, adding to their financial burdens. The government, however, claims that the revenue generated will be used for public welfare projects.