LAHORE: The Board of Revenue Punjab has sent a summary to the government recommending an increase in stamp duties by 2 to 10 times.
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.
Earlier, The Punjab government is adjusting tax rates, introducing new taxes, closing loopholes, and improving tax collection mechanisms. As part of these efforts, the government is revising stamp duty charges.
Changes are being made to property taxes for urban immovable property and stamp duty taxes on property transactions in Punjab.
The Board of Revenue Punjab has recommended increasing stamp duties by 2 to 10 times to generate an 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. –Agencies
