Lahore: In the Punjab Budget 2020-21 unveiled on June 15, the provincial government has proposed a reduction in stamp duty and several other measures to facilitate the real estate sector and its allied industries, according to news sources.
During the budget unveiling speech, Punjab Minister for Finance Makhdoom Hashim Javan Bakht said that the government proposes to reduce the stamp duty percentage from the current 5% to 1% in the upcoming fiscal year. He further said that professionals paying taxes as registered real estate developers and builders will be exempted from paying professional tax on construction services.
He also proposed that property tax payers should be allowed to clear their annual levies in two instalments, whereas those clearing their taxes in full by September 30 will get a 10% rebate instead of the previous 5%.
In addition to that, the government proposed to impose taxes worth PKR 50 per square feet and PKR 100 per square feet on developers selling residential and commercial units respectively.
