Saturday, March 16, 2013

Punjab Pakistan: Time and manner of property tax payment

The Government of Punjab accommodates taxpayers in many ways; a taxpayer can:

1. Pay tax on his property during the first quarter of a financial year at a 5% discount (technically, the discount is a 5% rebate);
2. Pay the tax in any branch of the National Bank of Pakistan throughout the province of Punjab;
3. Pay the tax in any available branch of the State Bank of Pakistan;
4. Pay the tax through a check drawn on a scheduled bank.

The first quarter of a financial year starts on July 1 and ends on October 31 of the same year. The Punjab government has implemented a surcharge of 1% per month on an accumulated basis after October 31. The effective date of the surcharge is July 1, 2012.

Generally, large taxpayers can get their payments turned into easy installments by the Excise and Taxation Officer of their district; however, after July 1, 2012, the payment of tax in installments is financially harmful for a taxpayer as it results in a larger total payment due to the surcharge.

1 comment:

  1. Actually that is not the case, the real issue is governmental employes they should avoid involvement in scam projects if they'll do their work properly and honestly then real estate in karachi will grow more further.