Property Tax Law is Being Amended to Make it More Strict

The excise and taxation department has chalked out a draft to bring amendments to the property tax law.

The new policy regarding property tax will impart powers on the said department to freeze the bank accounts of defaulters apart from his arrest.

According to the available sources, the department collects property tax amounting to billions of rupees every year. However, the defaulters manage to avoid the tax because the prevailing property tax laws are lenient.


Pakistan’s Revenue Collection from Property is Less Than 1%

This factor ultimately impacts the revenue collection targets. People do not pay taxes even after receiving repeated notices causing the department to face recovery shortage.

Reportedly, the department has dispatched a summary to the secretary excise for approval.

Via: Business.Recorder