The Punjab government has proposed a 99 per cent reduction in token tax for electric vehicles under the new Finance Bill, as part of a broader package of fiscal and taxation reforms.
According to the proposed amendments, changes have also been suggested to property tax regulations. The bill proposes imposing penalties for delayed property tax payments on a quarterly basis instead of the current monthly system.
In the agriculture sector, the Finance Bill proposes an agricultural income tax of Rs1,000 per acre on landholdings exceeding 12.5 acres. The tax on irrigated orchards is proposed to be increased from Rs600 to Rs1,000 per acre, while the levy on rain-fed orchards is expected to rise from Rs300 to Rs500 per acre.
The proposed measures are part of the Punjab government’s efforts to reform the provincial tax structure, encourage the adoption of electric vehicles and streamline revenue collection mechanisms.
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