Caretaker Punjab government has approved several amendments in the property tax and motor vehicle tax rates across the province.
Punjab caretaker cabinet approved these proposals sent by the Secretary Excise, Taxation and Narcotics Control Department (ET&NC) in the recent meeting. The cabinet permitted the department to conduct a fresh survey for assessment of property tax in Punjab. Director General Excise & Taxation Muhammad Ali told media here Saturday that the new survey was planned to be conducted from July to December this year, while the assessment of property tax based on the current survey has been extended till December 31, 2023.
He hoped that from January 1, 2024, property tax would be assessed according to the new survey. Earlier, the survey of immoveable properties for property tax was conducted in 2014. Among other amendments, the registration fee for 1501 to 2000cc vehicles has been reduced from three to two percen, the DG excise said and added that government has extended the 95 percent tax exemption for electric vehicles till 2025, while the token tax on seven-seater vehicles would be charged according to their engine capacity, which was earlier charged at fix rate of Rs. 2500.
