KARACHI – The Punjab government is adjusting tax rates, introducing new taxes, closing loopholes, or improving tax collection mechanisms, and now the government is revising Stamp Duty Charges.
The government in Punjab is making changes in property taxes from urban immovable property and stamp duty taxes on any property transactions.
The new hike is being considered as Board of Revenue Punjab recommended government to jack up stamp duties by 2 to 10 times in bid to generate annual revenue of Rs4.21 billion.
The proposed changes include raising the stamp duty for affidavits from Rs100 to Rs300 and for the sale of immovable property from Rs1,200 to Rs3,000. Furthermore, the stamp duty for agreements up to Rs500,000 may increase from Rs1,200 to Rs300.
Stamp Duty Charges 2024
| Stamp Duty | Current Rate | Proposed Rate |
|---|---|---|
| Affidavit | Rs100 | Rs300 |
| Sale of Immovable Property | Rs1,200 | Rs3,000 |
| Agreements up to Rs500,000 | Rs1,200 | Rs300 |
In mid-2023, the former government increased stamp duties by up to 10 percent, adding to the financial burden on the public.
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