Lahore: The Punjab Assembly has approved the budget for the financial year 2024-25, highlighting the exemption of residential properties valued up to PKR 5 million from property tax, effective from July 1 onwards.
According to the details, the budget was passed along with the Finance Bill during a session presided over by Speaker Malik Muhammad Ahmad Khan and presented by Provincial Finance Minister Mian Mujtaba Shuja ur Rehman. In its first annual budget, the current government allocated PKR 842 billion for the Annual Development Programme (ADP). In addition to exempting residential properties up to PKR 5 million from tax, the budget includes other property tax adjustments. A 0.07% tax will be levied on the total price of commercial properties. Residential and commercial properties valued between PKR 10 million and PKR 25 million will incur a 0.08% tax, while properties worth over PKR 25 million will have a 0.09% tax.
The budget reflects no new taxes but a restructuring of existing ones to enhance efficiency and revenue generation. This comprehensive financial plan aims to support the development and economic growth of Punjab while providing relief to property owners and facilitating vehicle registrations.
