Raise In Property Tax To Be Reviewed: Minister

LAHORE, (UrduPoint / Pakistan Point News - 14th Sep, 2021 ) :Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad on Tuesday assured the LCCI President Mian Tariq Misbah of reviewing increase in property tax, besides granting two weeks extension in rebate already given to the stakeholder.

The decision was reached at a meeting of the newly formed committee in this regard, Lahore Chamber of Commerce and Industry (LCCI) spokesman told media here on Tuesday. Provincial Minister Hashim Jawan Bakhat, Secretary Excise & Taxation Waqas Ali Mahmood and representatives of All Pakistan Anjuman-e-Tajran including Naeem Mir and Waqar Ahmed Mian also attended the meeting.

The Minister said that the rebate facility had been restored for two weeks while no additional surcharge would be levied on the taxpayers till the final decision.

He said the government was cooperating fully with the business community. "We are well aware of the importance of private sector to keep the wheel of economy running", he added and said that for the sake of traders, property tax proposals would be discussed in the pre-resource mobilization committee.

LCCI President Mian Tariq Misbah thanked to the Chief Minister Punjab and the Officials of Excise and Taxation Department for constituting a Committee to resolve the property tax issues of the business community.

He said the Punjab government had withdrawn the remission in property tax for the financial year 2021-22 through the Punjab Finance Act 2021. This has resulted in a considerable increase in the property tax which had increased the cost of doing business for our business community.

Mian Tariq Misbah said the date of property tax payment should be extended to October 30, 2021.

He said the rate of property tax in the commercial areas on the properties which fall in the category of self-use had also been increased. He recommended that the increase should also be taken back.

He mentioned that many members of the business community often report that sometimes tax noticeswere served for recovery of taxes which got due many years ago. There should be immediate intimationto the taxpayers in case any tax liability was due rather than keeping the case pending for years, he added.