LAHORE: The Excise and Taxation Officer in Lahore’s Model Town Extension has recently issued notices to property owners regarding the assessment of the Luxury House Tax.
As per the details, this tax applies to properties with a land area of two kanals or more, and it has been in effect since July 1, 2014, as per the Punjab Finance Act.
Property owners who fall under this tax bracket have been asked to provide relevant information using the enclosed form (LT-I See Rule 3(1)) within seven days of receiving the notice.
The information required will include details about the property and its ownership, which will be used to determine the amount of tax to be levied.
Moreover, it is important for property owners to comply with this notice and submit the requested information within the given time frame.
Failure to do so may result in ex-parte assessment, which means that the assessment will be made without taking the owner’s input into consideration.
Furthermore, this assessment is crucial for the government to collect the necessary revenue and funds for public welfare and development.
