The government treasury has reportedly suffered a revenue loss of Rs709.664 million due to the non-completion of sale deeds at the Sundar Industrial Estate.
An audit report under consideration by the Public Accounts Committee-I revealed that completion certificates had been issued to 339 industrialists at the estate, but only 214 of them completed their sale deeds.
According to the report, 125 industrialists obtained completion certificates but failed to complete their sale deeds, resulting in outstanding duties and taxes remaining uncollected.
The 125 industrial plots involved in the audit objection cover a combined area of more than 213 acres, while the applicable DC rate was set at Rs500,000 per marla.
The audit report further noted that the relevant administration failed to effectively direct the industrialists to complete their sale deeds, resulting in delays in the recovery of government dues.
Meanwhile, the SDAC has deferred the matter concerning completion of the sale deeds until a court decision is reached.
The industrialists of Sundar Industrial Estate have challenged the prevailing DC rate in court, arguing that it is higher than the applicable sale price determined by the Punjab Industrial Estates Development and Management Company (PIEDMC).
The Public Accounts Committee-I has directed the administration to pursue the matter effectively and take steps for completion of the sale deeds and recovery of the outstanding government revenue.
