The Punjab government has decided to reduce stamp duty on immovable property in rural areas from three percent to one percent, offering relief to landowners and aiming to create a more uniform tax system, 24NewsHD TV channel reported on Thursday.
According to the report, the Stamp (Amendment) Ordinance was presented in the Punjab Assembly a day earlier and has been referred to the relevant committee for further review.
The ordinance had already received approval from the Governor of Punjab on 10 April and has come into effect for a period of 90 days.
Under the proposed changes, amendments will be made to the Stamp Act of 1899.
The text of the law said the reduction in stamp duty for rural areas is necessary to ensure consistency, as urban areas currently have a one percent rate while rural regions have been subject to a higher three percent rate, leading to complications.
According to the text of the ordinance, the inclusion of transferable agreements within the scope of the Stamp Act has also been proposed. This measure is intended to make the law more effective and comprehensive.
The document further stated that the proposed legislation is an effort to establish a uniform system of stamp duty across the province. Authorities believe the changes will help streamline property transactions and reduce disparities between different regions.
The relevant committee is expected to present its report on the ordinance within two months. Following approval by the assembly, the ordinance will formally become a law after the signature of the governor.
Reporter: Hassan Ali