Stamp duties revised for property transactions in ICT

Islamabad: The federal government has revised the duties on property transactions for Islamabad Capital Territory (ICT), a news source reported.

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This new policy falls under the overall revision of duties the federal government has decided for legal documents of every kind. These changes will be implemented from the beginning of the next fiscal year starting July 1, 2019.

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For this purpose, the Stamp Act 1899 has been amended through the Finance Bill 2019. The budget documents state that new rates for stamp duty will be applicable from July 1 for all legal documents, especially with regard to registration of immovable property.

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The duties have been revised as follows:

• Stamp Duty of PKR 1 on property documents with stamp papers valued less than PKR 2,000
• Stamp Duty of PKR 10 on property documents with stamp papers valued more than PKR 2,000

These revised rates are for property documents in particular. The amendment to the Stamp Act 1899 has detailed the revisions in duties for other kinds of documents as well.