LAHORE: Punjab Finance Minister Mian Mujtaba Shuja-ur-Rehman has said that Punjab residents will now be required to register their vehicles within the province as part of newly-introduced reforms aimed at modernising the property tax system and expanding the tax net to include defaulters.
He expressed these views while presiding over a meeting of the Standing Committee of Cabinet on Legislative Business and Privatisation on Thursday. Punjab Law, Communication and Works Minister Malik Sohaib Bharath, Punjab Local Government Minister Zeeshan Rafiq and Punjab Information Minister Uzma Bukhari were also present.
On this occasion, he endorsed the transition of the property tax valuation system from rental value to capital value and supported amendments to Section 24 of the Motor Vehicle Ordinance 1965. He directed the Punjab Excise Department to effectively communicate these reforms to stakeholders to address any concerns. He averred that these measures ensure that existing taxpayers were not overburdened.
He further said that the shift in the property tax valuation system would simplify and make the collection process transparent, enabling taxpayers to calculate their dues with ease. While existing taxpayers will not face additional burdens, the inclusion of new taxpayers will significantly increase provincial revenue, he added.
The Committee also approved policies to ensure transparency and efficiency in the disposal and sale of state land, amendments to the Stamp Act 1899, regulations for motorcycle inspection and certification, proposed changes to the Punjab Local Government Act 2022 and the Punjab Hindu Marriage Rules 2024.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.