Government to issue separate CVT rate for SIE

[Lahore_Real_Estate]

On the directions of Chief Minister Punjab, Mian Shahbaz Sharif, Punjab government has decided to notify a separate rate of Capital Value Tax (CVT) of two percent at a recorded value provided by Punjab Industrial Estates for transferring and registering plots situated in Sundar Industrial Estate (SIE). This was decided at a meeting presided over by senior member Board of Revenue (BoR), here on Friday.

Industrialists completing their projects at Sundar Industrial Estate (SIE) had demanded rationalisation of CVT rates on transferring and registering of industrial plots located inside the estate. The revenue authorities were levying CVT on industrial plots at the rates applicable to commercial properties.

Mian Shahbaz Sharif, during his visit to SIE few weeks back, directed BoR Punjab to rationalise CVT rates with a view to encouraging repaid colonisation inside the estate. SIE management has expressed confidence that the step taken will go a long way in industrialisation of the country.
LAHORE (November 27, 2010)