More than 200,000 property owners in different Punjabi cities have left the tax system as a result of the recent transfer of property tax to District Collector (DC) rates.
On the other hand, under the new structure, the Excise Department has successfully incorporated almost 600,000 property owners into the tax system.
There have been relatively few property owners in Lahore who have benefited from this move, officials say. Houses worth less than Rs 5 million have also been taken out of the tax system in other cities.
According to excise officials, properties valued at Rs 5 million or more will henceforth be taxed at the recently set District Collector rates. The treasury is predicted to be greatly impacted by this change, with a projected increase in revenue.
