After approving the Finance Bill 2024–25, the Punjab Assembly has implemented new property tax rates as part of several
Punjab Assembly has implemented new property tax rates to boost revenue.Commercial properties worth Rs 5 to 10 million face a tax rate of 0.07%. measures aimed at increasing revenue. The assembly passed the Rs 5446 billion budget for the fiscal year 2024–25 with a majority vote on Wednesday.
Punjab Assembly Speaker Malik Muhammad Ahmad Khan signed the Finance Bill, marking a significant change in property tax rates that had remained unchanged for 70 years, impacting citizens already grappling with inflation.Commercial property worth Rs 5–10 millionFollowing the approval of the 2024–25 budget, residential properties valued up to Rs. 50 lakh are exempt from taxes, ensuring that no tax is imposed on properties within this price bracket.
Properties valued between Rs 10 and 25 million will incur a tax rate of 0.08%, while commercial properties exceeding Rs 25 million will be taxed at a rate of 0.09%. The new stringent measures aim to generate revenues of over Rs 30.065 billion from the Punjab Revenue Authority, Rs 10.570 billion from the Board of Revenue, and additional funds from the Excise Department.
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