World Bank Shares Estimate of Tax Potential for Punjab Real Estate Sector  


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12/03/2022 4:20 pm  

World Bank Shares Estimate of Tax Potential for Punjab Real Estate Sector

The World Bank (WB) estimated potential taxes in Punjab's real estate sector at PKR 400 billion in a recent report published by the national media on March 8. As per the bank's assessment, this could be realized through the use of digital land records.

The three main sources of income identified in the study are service sales tax, urban immovable property tax and stamp duty, the latter two being real estate related. The Department of Excise and Taxation (E&TD) collects UIPT while the Board of Revenue collects stamp duty.

A World Bank study shows that a centralized, cadastral-based transparent land record system has the potential to enhance Punjab's revenue. Authorities will review current policy actions, strengthen collaboration between E&TD and the BoR, and gain data insights from the upgraded land record base to improve UIPT and stamp duty enforcement.

Potentially, the Punjab Housing and Urban Planning Authority plans to add up to 2.5 million units to its existing home inventory. Meanwhile, the global housing shortage is projected to reach 11.3 million households by 2047. Increased urbanization, migration, and aging of existing homes will drive demand for housing.

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