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Punjab Proposes Major Hike in Stamp Duties

The Board of Revenue Punjab has submitted a proposal to the government recommending an increase in stamp duties by 2 to 10 times, according to a report by ARY News on Friday.

Details suggest that the Punjab government is expected to generate Rs4.21 billion annually from this increase in stamp duties. The revenue department has suggested raising the rate for a Rs100 affidavit to Rs300 and increasing the stamp duty for the sale of immovable property from Rs1,200 to Rs3,000.

 

Additionally, the stamp duty for agreements valued up to Rs500,000 is proposed to be increased from Rs300 to Rs1,200.

Last August, the Punjab government raised the stamp duty by up to 10 percent, adding an additional financial burden on the public.

 

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