Re-assessment Survey of Property Tax in Rawalpindi is slowed down.

Re-assessment Survey of Property Tax in Rawalpindi.

Speed of Re-assessment Survey of Property in  Rawalpindi is not up to the mark. Only 35 % survey work could be completed in 2.75 months. It seems that Field work may no be completed in next 2 months. However the dead line was fixed as 30 September 2013.

According to reliable sources, the demand of property tax will be enhanced four times. This survey is being conducted after 12 years. During this period, cost of property and rental value has supplemented many folds.

Tax on all big housing schemes and bungalows is ready to implement.

Excise and Tax Deptt. of Govt of Punjab is committed to apply Property tax on all big housing schemes and bungalows.

Government of Punjab has prepared its plan to impose property tax on all big housing societies, Defence Societies, cantonments, and Luxury bungalows.

Authorities of Tax and Excise Deptt. told that plan of tax implementation on all big bungalows is at final stage. It will be implemented on big and luxurious bungalows without any discretion.

 As per approved law, Luxury Tax is as below:

Rs. 500,000/-:-       Bungalow with area 2 kanals but less than 4 kanals

Rs.1,000,000/-:       Bungalow with areas 4 kanals to but less than 8 kanals

Rs.1,500,000/-:       Bungalow with areas greater than 8 kanals

If any owner has paid the tax, the new owner of that bungalow will be exempted from tax.

It was hoped initially that there would be earning of Rs. 2.5 Billions from this tax. Experts say revenue can be more than Rs. 5 Billions if Law is implemented on a big scale.