Luxury Tax Imposition: Implementation Of Budget Begins

[Salman]

52,000 residences have been included into taxation net, by a clause in budget 2013-2014. Many housing societies and properties that were graded in category C are being up graded to category A if they are in posh areas. 15 housing societies were upgraded to category A from category B and C areas. While the categorization of the property will impose luxury taxes on many, yet many 2 Kanal residences will be able to evade tax by category change.

It is noteworthy to know that the maximum number of 5 Marla Residences, imposed with the luxury taxes are, located in the excise office region (A). Other residential areas upgraded to category A are GOR, Mall Road, Zaman Park, and Zafar Ali Road while excise region (B) comprises of Bahria Town, Wapda Town, Johar Town, Gulberg, Model Town, Garden, Valencia, EME, and other housing societies.