Punjab lowers property tax by 15 per cent

LAHORE – The cash-strapped Punjab government has decided to reduce the property tax from 25 to 10 per cent, while the rate of duty on horse races, and musical and fashion shows has been maintained.
However, exemption from entertainment duty, given anywhere in the province, will continue, and 65 per cent entertainment duty on chairlift in Murree has been completely withdrawn in the name of ‘source of entertainment for the common man.’

These decisions were taken at the provincial cabinet meeting, which was chaired by Chief Minister Shahbaz Sharif here on Saturday. After the meeting, the CM observed that provision of recreational facilities to the masses was of vital importance in the present age of stress and tension, and the Punjab government was taking all possible measures in this regard. He directed the secretary excise to send special teams to various places where chairlifts were operating for ensuring implementation of this decision in the interest of the people.

Reduction in the property tax by this huge margin is a continuation of a decision taken by the Punjab government on November 26 last year when it reduced the capital value tax rate on transfer of property in the Sunder Industrial Estate to two per cent of value from previous rate of Rs 100 per square yard, which was fixed by the federal government.

Reduction of property tax from 25 to 10 per cent is being considered as a step aimed at dishing out favour to the urban affluent of the province only. Moreover, the adversaries of the PML-N government also believe that numerous transfer and registration deeds were pending because of the exorbitant government levy, and now these would be carried out smoothly.