Punjab Announces Massive Property Tax Exemption

The Punjab Excise and Taxation Department has announced an exemption from property tax for houses and residential plots valued at up to Rs. 5 million. This decision was approved by the provincial cabinet, as stated in a notification from the Directorate General of Excise and Taxation. The notification also outlined that future property taxes will be calculated based on the district collector (DC) rate. According to Umar Sher Chattha, the Director General of Excise and Taxation, no additional property tax will be charged this year. To provide further relief, taxpayers will only need to pay 25% of their total tax liability for the current fiscal year. Additionally, a self-assessment system has been introduced, enabling citizens to calculate their property tax independently.