LAHORE (Web Desk) – Excise and Taxation department have decided to increase the tax on vehicles, houses and vacant plots for budget 2016. A proposal has been sent to the Provincial Financial Department. For fiscal year 2016, the tax on vehicles
LAHORE (Web Desk) – Excise and Taxation department have decided to increase the tax on vehicles, houses and vacant plots for budget 2016. A proposal has been sent to the Provincial Financial Department.
For fiscal year 2016, the tax on vehicles will be escalated from two percent to three percent for 1500CC to 2000CC under Motor Vehicle Tax and lifetime tax on motorcycle will be raised from Rs. 1200 to Rs. 1600 and lifetime Rs.3000 tax instead of Rs. 400 annual tax on motor cab rickshaws will be charged.
In case of professional tax for different categories, the amount will undergo a hike from one lakh rupees to 1.5 lakh rupees, local media reported on Friday.
There is also a proposal of increasing tax from Rs. 1500 to 7500 rupees for the companies/factories having ten to 25 employees. A proposal was given for increasing private institution charges fee from Rs. 1000 to five thousand rupees besides the increase in taxes of medical consultants/specialist/dental surgeons.
Recommendation regarding vacant plants in DHA, Housing Society Cantonment has also been moved to impose one thousand annual tax per marla and two hundred rupees per marla on industrial plots. Five marla and houses of widows have been given exemption . The tax will be imposed after three years after taking possession of the plots.
Furthermore,establishment of excise police stations in four different divisions including Lahore, Faisalabad, Rawalpindi and Multan has been proposed. The provincial Financial Department have already given the approval for setting up police stations.
The department has also approved the reorganization of Provincial Excise & Taxation Department in next budget. The summary has been forwarded to Chief Minister Muhammad Shehbaz Sharif for formal approval.