Stamp duty collection falls by 24 percent in first half

Stamp duty collection falls by 24 percent in first half

ISLAMABAD: The revenue collection from stamps duties fell sharply by 24 percent during first half of the current fiscal year owing to significant decline in revenue reported by the province of Punjab, according to a report issued by the federal finance ministry.

According to fiscal operation for first half (July – December) of fiscal year 2020/2021 issued by the finance ministry revealed that the total stamp duty collection fell to Rs25.57 billion as compared with Rs33.61 billion collected in the corresponding half of the last fiscal year.

The provincial have authority to collect stamp duties on various registries of transfers and purchases within their jurisdiction. The collection is part of tax revenue of the provincial governments.

According to details the Punjab province reported massive decline in stamp duties during the period under review. The collection of revenue from stamps duty by the province fell 36.5 percent to Rs17.55 billion during the first half of the current fiscal year as compared with Rs27.64 billion in the corresponding half of the last fiscal year.

However, remaining provinces posted growth in revenue under this head.

The Sindh provinces recorded an increase of 27.27 percent in revenue to Rs6.16 billion during the first half of the current fiscal year as compared with Rs4.84 billion in the same half of the last fiscal year.

The collection of stamp duty in the province of Khyber Pakhtunkhwa posted an massive rise of 80.67 percent to Rs1.57 billion during the first half of the current fiscal year as compared with Rs859 million in the corresponding half of the last fiscal year.

The province of Balochistan posted 10 percent growth to Rs285 million during July – December 2020/2021 as compared with Rs259 million in the same period of the last fiscal year.

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