The Excise and Taxation Department of Punjab has announced the deadline for property tax and token tax. As per the taxation department, property owners across the province are required to pay their taxes and other such dues before September 30. Meanwhile, the department has also announced incentives by paying rebates and this offer is made only for individuals who would clear their taxes before the deadline.
In case the property owners in Punjab clear their taxes timely, the rebate on such payments have been increased from 5 percent to 10 percent. On the other hand, an increase of 15 percent rebate has been made on the digital transactions for property taxes.
The department has announced that taxpayers can use internet banking and payment portals in Pakistan such as JazzCash, Easypaisa, or any other mobile-banking applications to make digital payments.
Property Tax in Punjab
Property tax in Punjab is imposed on the yearly value of properties such as buildings, houses, and plots located in the region. The tax is charged at the rate of 5 percent of the annual value of the property. As per the Punjab Excise and Taxation Department, every property owner in the province is obliged to pay their taxes timely.
Property taxes may vary from the value acquired via annual assessment of the property. However, the assessment is primarily based on the type of property. According to the official website of the Excise and Taxation Department of Punjab:
“Assessment of the properties is based primarily on the nature of occupation and the type of building. Locality wise yardsticks for commercial and residential, self, or rented as the case may be properties have been prescribed. The annual value of the properties is calculated through these yardsticks.”