Punjab Government Approves Major Relief by Reducing Stamp Duty on Immovable Properties

Lahore: The Punjab government has approved a significant relief measure for property owners by reducing stamp duty on immovable properties from 3% to 1%.

According to official sources, the decision was taken under the Stamp (Amendment) Ordinance Punjab, which proposes amendments to the Stamp Act of 1899.

The ordinance, which has already been approved by the Governor of Punjab on April 10, aims to address discrepancies between urban and rural areas, where different stamp duty rates had created administrative and legal complications.

Officials stated that the previous difference in rates—3% in rural areas and 1% in urban areas—had led to inconsistencies, prompting the need for a uniform taxation structure.

The proposed amendments also include the addition of transferable agreements within the scope of the Stamp Act 1899 to make the legal framework more effective and streamlined.

The ordinance will remain in effect for 90 days and has been referred to a committee, which is expected to submit its report within two months. After approval from the provincial assembly, it will be formally enacted into law.