The Punjab government is introducing a new tax on residential properties, adding to residents’ financial burdens. The Punjab Excise and Taxation Department has been tasked with listing all residential properties in the province by next month.
This tax will target homes of 5 marlas or more, with rates based on the property’s assessed value. Homes valued above Rs. 5 million will be included. This measure is aimed at boosting revenue from property taxes.
Read more: FBR Reports Rs113 Billion Shortfall in August Tax Revenue
Additionally, the Punjab cabinet’s standing committee has approved a garbage tax for both residential and commercial properties. Rural garbage tax rates are Rs. 20 per month for a 5-marla house and up to Rs. 1,000 for businesses, while urban rates range from Rs. 300 to Rs. 5,000 depending on property size.
The introduction of this property tax, along with the garbage tax, reflects the government’s strategy to increase revenue from property owners in all areas.
