PETD prepares for new 5+ marla property tax in Punjab

Punjab, September 4, 2024: The Punjab Excise & Taxation Department (PETD) has proposed a tax on 5 Marla properties across Punjab. The 5 marla property tax has been under discussion for several months. The government is considering implementing it after the cabinet approves it.

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According to details, properties worth above Rs 5 million will be liable for paying tax. The exact amount of payable tax is still under discussion. Still, like previous property reforms, it is anticipated that it would vary according to the location and value of the 5 marla property tax.

The government aims to divide the financial burden among the population fairly; however, property owners are worried about an additional financial burden on their shoulders.

The realtors predict this tax will slow down the real estate market in certain areas. The final announcement, including all the relevant details, will be made by the end of this month.

Also Read: ADB Supports the Reforms In Real Estate Taxation

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