The Board of Revenue Punjab has proposed increasing stamp duties by 2 to 10 times, potentially generating Rs4.21 billion annually for the Punjab government. The suggested revisions include raising the stamp duty for property sales from Rs1,200 to Rs3,000 and increasing the rate of Rs100 affidavit to Rs300. This follows last year’s up to 10 percent stamp duty hike.
LAHORE: The Board of Revenue Punjab has sent a summary to the government recommending an increase in stamp duties by 2 to 10 times, ARY News reported on Friday, citing sources.
As per details, the Punjab government is likely to collect Rs4.21 billion annually through increase in stamp duties, according to sources.
The revenue department has proposed to increase the rate of Rs100 affidavit to Rs300, while, the stamp duty for the sale of immovable property is recommended to be raised from Rs1,200 to Rs3,000, sources informed.
Furthermore, the stamp duty for the agreements up to Rs500,000 has been proposed to Rs300 from 1200.
Last year in August, the Punjab government increased the stamp duty by up to 10 percent, putting an additional burden on public.
The government of Punjab has recently announced its plans to revise the existing stamp duty charges in the state. The decision comes as part of the government’s efforts to streamline the real estate sector and make property transactions more affordable for the residents of Punjab. The revision is expected to impact various categories of property transactions, and stakeholders are eagerly awaiting the details of the proposed changes.
Stamp duty is a crucial component of property transactions, and any revision in the charges can have far-reaching implications for both buyers and sellers. The government’s move to address these charges demonstrates its commitment to creating a more transparent and conducive environment for real estate dealings in Punjab.
As the details of the revised stamp duty charges unfold, it is imperative for all individuals and entities involved in property transactions to stay informed and be prepared for the potential impact. The government’s initiative is a clear indication of its responsiveness to the evolving needs of the real estate market, and it is essential for stakeholders to stay abreast of these developments.
With the proposed revision of stamp duty charges, Punjab’s real estate landscape is poised for significant changes. As the state government continues to emphasize its commitment to fostering a vibrant real estate sector, it is evident that the upcoming revisions will be a key factor shaping property transactions in the state.
Source: ARY NEWS
The Board of Revenue Punjab has recommended a significant increase in stamp duties, potentially generating Rs4.21 billion yearly for the Punjab government. Proposed revisions include raising the stamp duty for immovable property sales from Rs1,200 to Rs3,000 and increasing the rate of Rs100 affidavit to Rs300. Additionally, the stamp duty for agreements up to Rs500,000 may be raised to Rs300. Last year, the government had already imposed a 10 percent increase in stamp duty, adding further financial burden on the public.
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