LAHORE: Excise during the current fiscal year has achieved a big target of revenue collection. The Punjab Excise and Taxation Department has recovered 66 percent of the target in the first seven months of the fiscal year 2014-15, which is 33 percent more than last year’s collection of the same period.
The Excise and Taxation Department has recovered Rs 5080.721 million from July to 31 January 2015 which is new mark of history. In the same period of 2013-14, the department recovered only Rs 3812.762 million.
The department has recovered Rs 1267.96 million more as compared to the revenue generated during the same period of the last year. The region A, B and C of the Lahore division earned revenue which is more than 67 percent of the target.
Collection of property tax is satisfactory in first six months of the fiscal year but collection of other Levis is not up to the mark. In this regard Secretary Excise has directed the officers to take all necessary steps to chase their targets.
Now after 31 January after many discount offers and waiving of penalties, Excise has started issuing notices with three percent penalty on property tax for the defaulters who failed to submit their taxes.
Excise and Taxation Department is issuing notices to the defaulters with fine of three percent. Excise was receiving two percent penalty from defaulters that has increased one percent. There were 160,000 defaulters in Lahore who were failed to pay their property tax till end of December. After sending notices with two percent fine, number of defaulters paid their taxes with two percent fine but a large number of people have failed to pay their taxes.
