LAHORE – Authorties in Punjab expanded property Tax Collection to rural housing societies in the latest efforts to boost revenue in the region.
In a first, the tax collection officials decided to expand its property tax collection system to cover housing societies located outside urban regions as residents of these housing societies will pay property tax based on rates issued by the District Collector.
Excise and Taxation Officer (ETO) will analyze and determine tax amounts for these properties, and with this expansion, around 2.5 million property owners across are now included in the tax net.
The provincial cabinet’s nod is required for the move as the housing societies outside city limits are expected to generate increase in tax revenue, helping to boost provincial finances. The surge in taxes will broaden the tax base and ensure that more areas are contributing to the province’s economic growth.
In a similar development, the authorities finalized land-use and zoning plans for more than 30 districts to designate areas for residential, commercial, and industrial use to protect agricultural land from urban expansion.
More than 2 lac acres of farmland have been lost to illegal housing schemes amid calls for master plans to regulate development and prevent unauthorized projects.
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