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Survey begins in Punjab to collect luxury tax

Survey begins in Punjab to collect luxury tax

SIALKOT: The Excise and Taxation Department has started survey to assess the new value of the public properties in Gujranwala Division’s all six districts including Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala to ensure the early collection of the recently levied luxury tax on big properties including big houses by the Punjab government.

According to the senior E&T officials, the Punjab government had recently imposed Luxury Tax (LT) on the big properties including the big houses in Punjab.

LT ratio would be as follows: Rs200,000 on the residences/houses on two kanals of land, Rs400,000 on residences/houses on four kanals, Rs1.6 million luxury tax (LT) on bungalow on seven kanals and Rs.3 million luxury tax on one acre or more area would be levied.

For collecting this luxury tax, the E&T teams have started a special assessment survey. This tax would be applied in all the urban and rural areas as well, the official sources added.