New Rules Issued For Property Transfer, Taxation And Auction

[Salman]

New Rules Issued For Property Transfer, Taxation And Auction


Lahore – The department of Local Bodies, Punjab has issued new rules regarding the transfer, taxation and auction of properties. Previous rules which were set by the local governments have been overruled.

New rules have been formed according to the Local Government Act, 2013. The authorities of Local Governments and TMAs have been transferred to Metropolitan, Municipal Corporations, Committees and Local Councils.

The authorities of TO Finance have been transferred to taxation officer, according to the Tax on Transfer of Immovable Property Act, 2013. Other than the Federal and Provincial organizations, foreign investors are excused of new taxation rules.

According to the Punjab Local Government Auctioning Rights Rules, 2013, contractors are now required to submit 10% of security fee, instead of 5%.