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‘Property tax not to be revised’

‘Property tax not to be revised’

LAHORE: The demands of traders regarding the downward revision of property tax are not reasonable as the increase was made after 14 years, said an Excise and Taxation official.

Talking to Customs Today, he said that the department increased the property tax after 14 years only up to 50 percent while it was expected to be raised up to 100-200 percent. He said that property owners were increasing rents of their buildings every year but did not want increase in taxes even after 14 years. He added that it was impossible to revise the decision regarding the 50 percent increase in property tax.

On the other hand, a source said that the E&T Lahore Regions A, B and C collected almost Rs 3 billion during the first quarter of the current fiscal year.

According to details, Region C has collected Rs 1.5 billion as motor vehicle tax which include registration, token tax and other taxes. Region B has collected Rs 960 million property and entertainment taxes during the Q1 of current fiscal year while the Region A has collected Rs 520 million as professional tax and duty on wine in Q1 of the current year.