The Punjab government is revising its tax rates, introducing new taxes, closing loopholes, and improving tax collection mechanisms, specifically targeting property taxes from urban immovable property and stamp duty taxes on property transactions.
As part of these changes, the Board of Revenue Punjab has recommended a significant increase in stamp duties, ranging from 2 to 10 times the current rates, with the aim of generating an additional Rs4.21 billion in annual revenue.
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Under the proposed changes, the stamp duty for affidavits would rise from Rs100 to Rs300. Similarly, the stamp duty for the sale of immovable property would increase from Rs1,200 to Rs3,000. Additionally, for agreements up to Rs500,000, the stamp duty may go up from Rs1,200 to Rs3,000.
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.
