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Property Tax News

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Have you paid your property tax or not yet? Evading tax is one of our favorite hobbies and most of us continue to do so. Are you trying to be a smart player and planning to evade it this year too? If yes, then you must think twice about it this time because the Punjab Excise and Taxation Department has decided to rectify the issue and already formulated a plan to deal with all such smart players. To find out the offenders, the department will secretly conduct a survey in all the areas of provincial capital of Punjab.
Police and other law enforcement agencies will also take part in the surveying process and help department preparing the list. After which, the Excise department will take strict action against the defaulters. The last date to pay your tax is September 30, 2015.
The department will begin survey of 800,000 properties located in the Cantonment area and register details of tenants for the security purpose. The surveyors can also take help from the tenants credentials provided at police stations and Excise & Taxation Department. The team will visit each and every residential and commercial property and obtain information regarding the tenants, the use of property and the property owners.
As per Director General Excise & Taxation Department Akram Ashraf Gondal, the survey will be considered as a third party audit and would be a source of huge revenue for the department by detecting misreporting and under-reporting by property owners besides other loopholes and grey areas. He further said that the department would apply high amount of fine where property owners would be found concealing their tenants by showing ‘self’ in the E&T record.
Under the provisions of the Act, the property tax is levied on the annual value of buildings and land located in the rating area. It is levied at the rate of 5% of annual value at which the property may be let out from year to year basis.
Excise & Taxation department allows a rebate equal to 5% of the amount of annual tax for financial year, only if the amount of annual tax paid in lumpsum on or before the 30th September of the financial year.
A late payment surcharge at the rate of 1% of the gross payable tax will also be imposed on the first day of every month of delay if the tax payable for any year is not paid by 30th day of September of the said year.
What is your plan now? I think all the tax offenders must wake-up now. The party is over!

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