Punjab Assembly Approves 2024-25 Budget: Property Tax Exemptions & Adjustments

The Punjab Assembly has approved the budget for the financial year 2024-25, offering significant benefits for property owners. One of the key highlights is the exemption of residential properties valued up to PKR 5 million from property tax, effective from July 1 onwards.

Presented by Provincial Finance Minister Mian Mujtaba Shuja ur Rehman and presided over by Speaker Malik Muhammad Ahmad Khan, the budget was passed alongside the Finance Bill. This is the first annual budget for the current government, which has allocated PKR 842 billion for the Annual Development Program (ADP).

Key property tax adjustments include:

·        Exemption: Residential properties valued up to PKR 5 million are exempt from property tax.

·        Commercial Properties: A tax of 0.07% will be levied on the total price of commercial properties.

·        Mid-range Properties: Residential and commercial properties valued between PKR 10 million and PKR 25 million will incur a 0.08% tax.

·        High-value Properties: Properties worth over PKR 25 million will have a 0.09% tax.

This budget does not introduce new taxes but focuses on restructuring existing ones to enhance efficiency and revenue generation. The comprehensive financial plan aims to support the development and economic growth of Punjab, providing relief to property owners and facilitating vehicle registrations.

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