Additional Tax on Imported Vehicles and Vacant Plots in Posh Housing Societies
The Punjab government will present biggest ever size provincial budget on Monday (today) with estimated total outlay of over Rs1.69 trillion, and development programmes of over Rs640 billion, taxes on land and property, token taxes on luxury vehicle likely to revise and taxes to introduce on vacant commercial and domestic plots, some new services will also added to tax net while tax rate to low end service providers to bring down to 5 percent.
Likewise federal government, the Punjab government has planned to imposed tax on the property which sold before five years of purchases; previously it was limited to two years. The government has also planned to withdraw taxes from cinemas, theatres, and other recreational performing companies in order to promote soft image and revive the social activities and life in the province.
