Vacant Plots Going to be Taxed in Punjab

The Punjab Assembly on Monday passed the Punjab Finance Bill 2016, through which some new taxes are imposed on Property, Cars and other services. The bill imposed a property tax on vacant plots. The tax will be applicable on vacant plots of 5 Marla’s and above held in possession for over two years. This bill was meant to be expanding property tax base and discouraging retention of vacant plots. However, critics referred this tax as a plunder on ordinary man’s life savings. They are in a view that such taxes will crush the ordinary man’s desire to have his own home, as property is speculated and kept on hold for possible price surge, which normally takes a period more than 3 years.

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