LAHORE: On the orders of CM Punjab Chaudhry Pervaiz Elahi, the Board of Revenue has decided to abolish the property stamp duty entirely in urban areas of the province.
The decision came during a meeting presided over by Provincial Minister for Parliamentary Affairs, Environment Protection, and Cooperatives Muhammad Basharat Raja.
According to details, the Cabinet Committee on Legislative Business approved a reduction in stamp duty from 2% to 1%.
Senior Member Board of Revenue (SMBR) Punjab Zahid Akhtar Zaman informed the meeting that the value of properties in urban areas had increased significantly, but people were hesitant to register their properties due to high stamp duty.
The officials informed that this decision would help the government catalyze the revenue record across the province while also motivating the public to register their properties in their name.