Cut in tax on Punjab housing societies proposed
Caption: Punjab Board of Revenue
The Board of Revenue has recommended abolishing property ownership title and stamp duty on housing societies in Punjab, reported 24NewsHD TV channel on Thursday.
It also recommended abolishing tax on the incorporation of a housing society into a company.
The recommendations of Board of Revenue stated that it is not correct to consider the society becoming part of a company as the sale of property.
If the institution changes, the land is not sold, so tax cannot be levied.
In Lahore, a tax of Rs1.38 billion was being collected in just two cases.
Such cases should be excluded from the definition of property transfer.
Companies are leaving Punjab due to heavy taxes.