New property tax assessment system to be effective from 2025: minister

LAHORE: Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman has said that the Punjab Excise and Taxation Department is introducing a new system for property tax assessment under the Punjab Finance Act 2024, which will be effective from January 1, 2025.

He expressed these views while addressing a meeting of the cabinet standing committee on legislative business and privatisation on Monday. Punjab Communication and Works and Law Minister Malik Saif Bhutta and Punjab Local Government Minister Zeeshan Rafiq were also present.

On this occasion, the committee deliberated on a 12-point agenda, which included the appointment of two assessors in the Lahore Development Authority (LDA) Tribunal, approval of Punjab Forest Depot and Punjab Forest Transit Rules 2023, amendments to the 254 Motor Vehicle Rules 1969 and Tax Rules for Immovable Urban Properties 1958. The reconstitution of the Punjab Health Foundation and the Boards of Engineers for Coal Mine Inspections was also discussed.

It approved over nine recommendations and directed the mines and minerals department to ensure merit-based appointment of competent members for the Workers Welfare Board and Mines Labor Housing Boards.

While addressing the meeting, the Finance Minister emphasised that appointments should prioritise the welfare of workers and not merely reappoint individuals who have held board positions for years. He further instructed that any re-nominated board members must provide a detailed account of their contributions to workers’ welfare during their tenure.

Copyright Business Recorder, 2024