Stamp duty charges to be 'revised' in Punjab

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.