LAHORE: The Punjab Assembly has approved the Finance Bill 2024-25, which comes with several drastic measures to generate funds. On Wednesday, the budget of 5446 billion rupees for the financial year 2024-25 was approved by majority vote.
Speaker Punjab Assembly Malik Muhammad Ahmad Khan signed the finance bill. Another shock has been given to citizens affected by inflation by changing the property tax rate which has been in place for 70 years.
After the approval of Budget 2024-25, residential property up to Rs. 5 million properties are tax-free, meaning that no tax is levied on residential properties within this price range.
Commercial properties worth Rs 5 to 10 million are taxed at the rate of 0.07% on commercial properties worth Rs 5 to 10 million.
Properties worth Rs 10 to 25 million will be taxed at the rate of 0.08 percent. For above Rs 25 million, commercial properties worth more than Rs 25 million are taxed at the rate of 0.09 percent.
The Punjab Revenue Authority is expected to earn more than Rs 30.065 billion from the new strict measures. 10.570 billion from the Board of Revenue and billions from the Excise Department.
| Property Value Range | Tax Rate |
|---|---|
| Residential Property up to Rs50lac | Tax-free |
| Commercial property worth Rs5-10 million | 0.07% |
| Commercial property worth R10-25 million | 0.08% |
| Commercial property over 25 million | 0.09% |
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