A new formula of Punjab Government on Local Government is ready

The Punjab government has developed a new formula on the local government, according to which the housing schemes in the villages will also be included in the tax net.

According to the proposed bill, the tax will be imposed under the real estate tax Act 1958, the main purpose of the bill is to harmonize with the Punjab Finance Act 2024.

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The scope of the tax application will also be expanded in urban areas, all the immovable properties within the limits of urban areas will be part of the tax net.

Taxes will be evaluated according to property value and other standards, tax collection will be appointed by the Punjab government.

The tax raised money will be transferred to the local government, the local government will be able to use taxes for the development and improvement of their areas.

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The bill has been handed over to the relevant committee in the Punjab Assembly which will submit the report within two months.