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Punjab govt announces tax payment relaxation to property, motor vehicle

Punjab govt announces tax payment relaxation to property, motor vehicle

 

LAHORE: The Punjab government has announced special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021.

According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles:

Special relaxations for financial year 2020-21.

(1) Notwithstanding anything contained in sections 3 and 12 of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958), for the financial year 2020-21:

(a) discount equal to five percent of the tax being paid shall be allowed on payment of tax through e-payment system;

(b) a rebate equal to ten per cent of the amount of annual tax shall be allowed if the amount of annual tax is paid in lump sum on or before the 30th day of September 2020;

(c) the tax shall be paid on yearly basis or half yearly basis as the assessee may choose or by such later day as the Government may by notification determine; and

(d) the late payment surcharge shall not be imposed for the tax amount due.

(2) Notwithstanding anything contained in sections 3 and 9 of the Punjab Motor Vehicles Taxation Act, 1958 (XXXII of 1958), for the financial year 2020-21:

(a) discount equal to five percent of the tax being paid shall be allowed on payment of tax through e-payment system;

(b) a rebate equal to 20 percent of the amount of annual tax shall be allowed if the amount of annual tax is paid in lump sum on or before the 30th day of September 2020; and

(c) if a person fails to pay any amount of tax due within the period fixed for such payment, he shall not be liable to pay any penalty if he pays the same during the financial year 2020-21.

(3) This section shall remain in force till 30th day of June 2021.