The Punjab Assembly has approved the budget for the fiscal year 2024-25. It highlights the elimination of residential properties valued up to PKR50 Lacs from property tax, effective from July 1.
Details indicate that Provincial Finance Minister Mian Mujtaba Shuja ur Rehman presented the Finance Bill and the budget during a session chaired by Speaker Malik Muhammad Ahmad Khan. The present administration set aside PKR 842 billion for the Annual Development Programme (ADP) in its first annual budget.
The budget includes several modifications to property taxes in addition to exempting residential properties up to PKR 5 million from tax. A tax of 0.07% will be applied to the entire cost of commercial real estate. A 0.08% tax will be applied to residential and commercial properties valued between PKR 10 million and PKR 25 million, and a 0.09% tax will be applied to properties valued exceeding PKR 25 million.
The budget restructures current taxes to increase revenue and efficiency, but it does not introduce any new ones. This all-inclusive budget seeks to alleviate property owners’ burdens and expedite vehicle registrations, all while promoting Punjab’s development and economic expansion.
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