LAHORE: The Punjab Board of Revenue has moved recommendations to the Punjab government to increase agriculture tax in the upcoming budget of fiscal year 2015-16.
According to sources, a proposal to increase agriculture tax on land and gardens in different areas of the province has been moved to the provincial government. According to the recommendations, the amount of tax on land measuring 12 acres to 25 acres should be increased from Rs 150 to Rs 250 per acre.
As per the information, the board has recommended to continue giving tax exemption on agricultural land measuring less than 12 acres. Owners of gardens in irrigated areas will have to pay Rs 1,000 as compared to Rs 300 in the past, as per the new recommendations. Meanwhile, orchards without irrigation areas will be taxed at the rate of Rs 500 per acre, which was Rs 150 per acre in the past. For the property worth more than Rs 1 million, owners are now expected to pay two percent of agriculture tax. The Punjab Board of Revenue’s recommendations are expected to be approved in the next budget.
