Loud Thinking June 14, 2014 at 08:38AM

My dear government of Punjab, any tax for a residence built on area of 400 ACRES?

Moreover, any plans of AGRICULTURE tax in its true sense and meaning?

Revenue generation: New taxes introduced for big houses

By Our Correspondent (Express Tribune) Published: June 14, 2014

Government will impose a tax of Rs250,000 per kanal to a maximum of Rs2 million on houses up to eight kanals with a covered area of more than 6,000 square feet in Lahore district.

The Punjab government has proposed imposition of taxes on big houses and a 100% increase in annual token tax on imported and locally assembled vehicles of 1,300cc or above engine capacity for fiscal year 2014-15.

It has also proposed annual tax on imported vehicles having engine capacity of 1,590cc and above.

An increase of one percentage point in stamp duty on immoveable property has been suggested and more services have been brought in the tax net.

According to the Finance Bill 2014 tabled in the Punjab Assembly, the government will impose a tax of Rs250,000 per kanal to a maximum of Rs2 million on houses up to eight kanals with a covered area of more than 6,000 square feet in Lahore district including Lahore and Walton Cantonment boards.

It will levy Rs300,000 per kanal to a maximum of Rs3.6 million on eight kanals or above with covered area of more than 12,000 square feet.

In rating areas of divisional headquarters, districts and cantonments in the districts of divisional headquarters, tax will be Rs200,000 per kanal subject to a maximum of Rs1.6 million on houses with covered area of more than 6,000 square feet.

For covered area of more than 12,000 square feet, tax will be Rs250,000 per kanal subject to a maximum of Rs3 million on eight-kanal or above houses.

In the remaining rating areas and cantonments, the proposed tax will be Rs150,000 per kanal subject to a maximum of Rs1.2 million on houses with covered area of more than 6,000 square feet and Rs200,000 per kanal subject to a maximum of Rs2.4 million on eight-kanal or above houses with covered area of more than 12,000 square feet.

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