Traders assured of withdrawal of raise in property tax

LAHORE: Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad has assured withdrawal of the recent increase in property tax.

Speaking at a meeting of stakeholders at the Lahore Chamber of Commerce and Industry (LCCI), he said the rebate facility has been restored for two weeks.

Finance Minister Hashim Jawan Bakht, Excise and Taxation secretary Waqas Ali Mahmood and representatives of the All Pakistan Anjuman-e-Tajran were also present on the occasion.

The minister said the government was fully cooperating with the business community.

“We are well-aware of the importance of the private sector to keep the wheel of the economy moving,” he said, adding that the traders’ proposals about property tax would be discussed in the pre-resource mobilisation committee meeting.

LCCI president Mian Tariq Misbah said that an increase in the property tax has enhanced the cost of doing business.

The general public and the business community were already facing a lot of problems due to inflation and devaluation, he said, and suggested extending the date for property tax payment to October 30.

Misbah said that there were complaints of receiving notices for tax recovery, which were due many years ago. There should be an intimation to the taxpayers in case of any tax liability, he said.

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