A tax of Rs20 per sq ft will be levied on rents or residential apartments and Rs26 per sq ft on rents or residential apartments       Pakistani currency notes of Rs1000 and Rs5 coins can be seen in this picture. — AFP/File

ISLAMABAD: As a plea of the Islamabad Chamber of Commerce regarding the tax proposals of Metropolitan Corporation Islamabad is pending in the Islamabad High Court, the MCI has proposed rates for property tax.

It proposed Rs180,000 property tax on farmhouses up to 8 kanals, Rs209,000 on farmhouses of 8-16 kanals, Rs246,000 on 16-20 kanals; Rs257,000 per annum for farmhouses of 20 to 40 kanals; Rs314,000 per annum for farmhouses of 40 to 80 kanal; Rs342,568 per annum on 96 to 120 kanals, Rs442,568 per annum on big farmhouses of 96 to 120 kanals and Rs610,442 for over 120 kanals.

It proposed to collect an annual tax of Rs610,422 on all farmhouses. Korang Town, PWD Housing Colony, Swan Garden and every housing scheme of zone four and five will be charged property tax at the following rates; plots up to 140 yards (5 marlas) Rs20,000; Rs29,000 will be taxed on seven marla plots; ten marlas Rs45,000; Rs75,000 for plots of 15 marlas, and Rs100,000 per year for plots of 20 marlas; Rs120,000 will be levied on plots of 501 to 1,000 yards, two kanals; Rs145,000 on plots from 101 to 2,000 yards four kanals; Rs170,000 on plots up to 4,000 yards and six kanals.

In housing societies around New Islamabad International Airport, Motorway and GT Road within Islamabad Capital Territory, Metropolitan Corporation Islamabad, Rs20,000 per annum for plots up to 140 square yards, five marla, and for plots up to 141 to 200 square yards, seven marla, Rs29,000; 201 to 300 square yards ten marla plot Rs45,000 per annum; 301 to 400 square yards 15 marla plot Rs75,000; 401 to 500 square yards up to 20 Marla Rs100,501 to 1,000 sq. yards 2 Kanals; Rs145,170 up to 6 kanals and Rs200,000 for residential house larger than 4 thousand square yards up to 6 kanals.

Tax is being levied at Rs21 per square yard on the ground floor of Diplomatic Enclave buildings; Rs33 square yard excluding ground floor and basement; Rs21 covered area square feet; residential apartments will be taxed at Rs30 per square yard and covered area square feet Rs36.

Blue Area or Islamabad buildings Rs20 per sq. yard on ground floor and Rs.32 per sq.ft on covered area; Rs.16 per sq.ft of plot area and Rs.22 on ground floor including basement and other places.

A tax of Rs20 per sq ft will be levied on rents or residential apartments and Rs26 per sq ft on rents or residential apartments. Islamabad I-8, E and F ground floor Rs18 per sq. yard plot area, Rs30 per sq. ft. on covered area; Rs12 per sq. yard and Rs20 per square yard for the rest of the ground floor.