Abatement of Percentage Increase in Property Tax by Punjab Government.

Abatement of Percentage Increase in Property Tax by Punjab Government.

The government has revived the property tax remittance which was abolished a few months ago and has abolished the 80% to 130% increase in property tax for this year.

Only a 10% increase will be added to last year's rate, while rates 1 and 5 for personal use and rented building property tax will remain the same.

In the meeting of Punjab Cabinet, three most important decisions regarding Excise and Taxation Department have been taken. The Cabinet has withdrawn its decision to abolish the remittance in property tax payment after protests by the people, especially traders. The decision of the government will provide relief to more than 1.9 million property owners of Punjab in a total of about Rs. 145 crore.

The additional amount will be adjusted in next year's property tax for those who have already submitted the increased tax. The mobilization committee had reduced the rates to 1 and 3, which put a lot of pressure on the business community. At the beginning of this financial year, the government had decided that according to the 2014 Property Tax Survey, The decision to abolish the remittance waiver completely resulted in a strong public reaction to the extraordinary increase in property tax in tax challans sent to the public.

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