LAHORE: The Punjab Excise and Taxation Department has modified property tax under which it will be determined based on the value specified in the DC table.
In this connection, the department issued a notification on Friday. According to Excise and Taxation Director General Umar Sher Chattha, this notification has been implemented following cabinet approval. Its primary objective is to ensure transparency and uniformity in the property tax system.
“Under the new reforms, property tax will now be determined based on the value specified in the DC table. Residential houses and plots valued up to Rs 5 million have been exempted from tax.
Existing taxpayers will not be required to pay any additional tax in the current fiscal year while new taxpayers will only need to pay 25 percent of their total tax liability this year,” he added.
He further explained that taxpayers are provided with the facility of self-assessment to calculate their payable taxes. Through this system, taxpayers can easily estimate their tax liability based on the value of their property, he added.
Copyright Business Recorder, 2025
Comments
Comments are closed.