In Lahore, the Punjab government approved a major reduction in stamp duty rates. The rate has been reduced from 3% to just 1% after approval in a key meeting.

According to details, the decision was taken in a meeting of the Standing Committee on Revenue of the Punjab Assembly, chaired by Muhammad Ahmad Khan Laghari. The committee also approved the Stamp Ordinance to implement these changes.

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After this decision, stamp duty rates have been made equal in both urban and rural areas. This means a single 1% rate will now apply across the entire province.

Earlier, urban areas had a 1% rate while rural areas faced a higher 3% rate. This difference caused complaints and confusion among property buyers and sellers.

Under the approved ordinance, necessary amendments will be made to the law. A proposal to include transferable agreements has also been introduced to improve the system.

The government says this step aims to make the system more transparent, simple, and public-friendly. Officials believe it will also encourage more legal property transactions.

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It is important to note that the Governor of Punjab had already approved this amendment ordinance on April 10. The report will now be presented in the Punjab Assembly for final approval before full implementation.

This move can lower property buying costs and attract more investors. If implemented properly, it may also reduce illegal transactions and increase government revenue.