LAHORE: On the instructions of the chief minister, the Board of Revenue (BoR) has decided to reduce property stamp duty in urban areas by 100pc – from two per cent to one per cent.

The Cabinet Committee on Legislative Business at its meeting chaired by Provincial Minister for Parliamentary Affairs, Environment Protection and Cooperatives Muhammad Basharat Raja approved the reduction.

Senior Member Board of Revenue Zahid Akhtar Zaman apprised the meeting that the value of properties in urban areas had increased significantly but due to high stamp duty, people were reluctant to register their properties.

“The Punjab government’s decision will encourage the culture of registration of properties which will increase government revenue,” hoped the SMBR.

Committee chairman Basharat Raja said the previous government had increased the stamp duty in the financial budget 2021-22.

“Now Chief Minister Parvez Elahi has ordered withdrawal of this increase,” he said. He said that in the next phase, reduction in stamp duty in rural areas was also on the cards.

The meeting also approved the Wildlife Punjab Protected Areas Rules 2022. Basharat expressed hope that this decision would improve the mechanism of protection and monitoring of wildlife.

Law Minister Khurram Shehzad Virk, Communications and Works Minister Ali Afzal Sahi and officials concerned attended the meeting.

Published in Dawn, September 21st, 2022