Punjab Assembly Approves Budget for FY 2024-25 with Property Tax Exemptions

In a landmark decision, the Punjab Assembly has passed the budget for the fiscal year 2024-25, ushering in significant changes for property owners across the province. Effective July 1, residential properties valued up to PKR 5 million will be exempt from property tax.

Chaired by Speaker Malik Muhammad Ahmad Khan, the session saw Provincial Finance Minister Mian Mujtaba Shuja ur Rehman present the Finance Bill, which outlines these pivotal adjustments. Under this new framework, commercial properties will face a modest 0.07% tax based on their total value. Residential and commercial properties valued between PKR 10 million and PKR 25 million will incur a 0.08% tax, while those exceeding PKR 25 million will be taxed at 0.09%.

This budget, the first under the current government, allocates PKR 842 billion to the Annual Development Programme (ADP), emphasizing strategic investments in Punjab's growth and infrastructure. Importantly, there are no new taxes introduced; rather, existing tax structures have been optimized to enhance efficiency and revenue generation.

The reforms aim to bolster economic activities and provide relief to property owners, ensuring a conducive environment for real estate investments and facilitating smoother processes for vehicle registrations. Stay updated with "Dreams Marketing" for further insights and opportunities in Pakistan's dynamic real estate landscape.

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