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Stamp duty was formerly a graduated progressive tax with the more expensive the house bought the greater the stamp duty rate. The top rate slowly increased from 0.5% in 1882 to 3% in 1947, 5% in 1973, 6% in 1975, reaching its peak at 9% in 1997. [ 7 ]
Map of Pakistan showing the provinces. Pakistan first issued revenue stamps when it became independent in 1947 and continues to issue revenues to this day. In addition to national issues, the provinces of Balochistan, North West Frontier, Punjab, Sindh, as well as Azad Jammu and Kashmir, West Pakistan and the capital Islamabad also have or had their own stamps.
Low Tax-to-GDP Ratio: Pakistan’s tax-to-GDP ratio remains lower than the global average. In recent years, the ratio has been approximately 9.5%, far below that of neighboring countries like India (16%) and Bangladesh (12%). This indicates inefficiencies in tax collection and necessitates systemic reforms.
258.7 Stamp Duty Reimbursement Fees. 259 Stamp Statute. 260 State Service. 261 Stocks, ... Pakistan, 1948-c.1990 - Revenue stamps of Pakistan; Palestine, 1919-1920 ...
A state tax commonly called "stamp duty" is assessed when property is purchased or transferred. It is typically around 5% of the purchase price, payable by the purchaser. Other transfer charges may also apply, including special fees for investors from overseas. [7] "Land tax" – also a state tax – is assessed every year on a property's value.
Upcoming changes to stamp duty will "motivate" first-time buyers to buy a property, according to the Halifax. The average price of a UK home ended 2024 close to the £300,000 mark, the UK's ...
The artist, A.R. Chughtai was also amongst Pakistan's first stamp designers having designed the Re 1 motif stamp. The other stamps were designed by Rashiduddin (1 ½ anna and 3 anna) and M. Latif 2 ½ anna). [ 28 ]
Second Islamic Summit Pakistan – 22 February 1974 One Souvenir Sheet & Two Stamp were issued on this occasion; Values: 20 Paisa, 50 Paisa, Souvenir Sheet 85 Paisa; Introduction of International System of weights and Measures in Pakistan – 1 July 1974 One stamp was issued on this occasion; Value: 20 Paisa; 10th Anniversary of R.C.D. – 21 ...