Punjab sets Rs 10,621 million land revenue target

The Punjab government has set a target of Rs 10,621.004 million for collection of tax under Land Revenue during Financial Year 2012-13. The collection from Land Revenue during financial year 2010-11 and 2011-12 has shown considerable buoyancy. The revised estimates 2011-12 of Land Revenue is Rs 9,235.707 million against actual collection of Rs 8,281.865 million in FY 2010-11.
Land Revenue is a broad category that includes a number of receipts related to Land Revenue functions. Mutation Fee is a major component of the Land Revenue receipts. Officials said that the provincial government implemented a major reform initiative - imposition of valuation tables for determination of Mutation Fee. The reform measure seems to have contributed positively to the growth in revenue.
According to them, computerisation of land record was also being carried out under the Punjab Land Record Management Information System Project. During FY2011-12, the government established a few automated service centres in three districts of Punjab, where people could obtain a copy of ownership records of their properties. Owing to different complexities, complete automation of the revenue record will take more time. However, when completed, it will not only bring more transparency in land revenue record management, but will also improve revenue collection.
Moreover, the Budget Estimates 2012-13 of Stamp Duty has been pitched at Rs 12,168.163 million. Sources claimed that the government is now revising valuation tables/DC tables every year to reduce the gap between the value of property assessed by the DC tables and the market value of properties which is helping the government in increasing revenue from Stamp Duty.
The sources maintained that the right of provincial governments to levy taxes on property has further been clarified and widened by 18th Constitutional Amendment. It has now been recognised in the constitution that all taxes on property fall within the taxation authority of provincial governments. The expected recovery of real estate sector in the province, the budget estimate was pitched at Rs 10,107.990 million for 2011-12. The revenue estimate of stamp duty is Rs 10,581.011 million. Furthermore, Budget Estimates of Registration Fee has been set at Rs 3,854.58 million against a revenue estimate of Rs 3,294.071 million.