Luxury Tax on 5-marla houses in Punjab

Provincial Finance Minister Mujtaba Shujaur Rehman while winding up the budget debate in the Punjab Assembly explained that his government had not imposed luxury tax on every five marla house in the province and it (luxury tax) would only be taken from the ‘high end properties’ of five marlas located in urban posh areas.

Delivering windup speech in the House after hearing the views of 154 members during four day long post budget debate, the finance minister termed the facts and figures provided by the opposition leader of Pakistan Tehreek-e-Insaf (PTI) Mian Mehmood ur Rasheed “wrong, misleading and totally incorrect about the proposed funds allocations in different heads in the budget for fiscal 2013-14.”

He clarified a misconception of imposition of luxury taxes on every five marla house in urban area saying that it would be laid only on posh areas of different cities of the province like Gulberg and Model Town areas of Lahore which fall in A-Category.

He informed the House that the luxury house tax would be taken from only the A-category luxury houses of 2 kanal and above. While, the Capital Gain Tax would also be taken from only the people who are involved in speculative market of property, he said adding that the agriculture income tax would also be imposed on only big landowners.

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