Daily Times

The Board of Revenue Punjab has submitted recommendations to the provincial government of Chief Minister Maryam Nawaz Sharif suggesting an increase in agricultural income tax rates range from Rs 300 to Rs 2000 per acre. With the approval of these recommendations, the government will get an additional revenue of 11 billion rupees from the farmers. The channel said key recommendations of the Punjab Revenue Board are included increasing the agricultural income tax for farmers with more than 12 acres of land. For the new fiscal year budget 2024-25, the tax for land areas between 12 to 25 acres is recommended to be raised from Rs300 to Rs1,200 per acre. For the agriculture areas between 25 to 50 acres, the tax is proposed to be increased from Rs400 to Rs1,500 per acre. Landowners with over 50 acres are recommended to be taxed at Rs2,000 per acre, up from the current Rs 500 per acre. The channel said the final decision on the increase in agricultural income tax rates will be made by the Punjab Cabinet.