Monitoring Desk
ISLAMABAD:
The Punjab government has decided to impose an agricultural super tax on large landholders over their agricultural income starting from July 2025.
As per details, for the first time, high-earning agricultural landowners in Punjab will be subject to a super tax on their agricultural income, which will also now include revenue from livestock.
The draft for the amendment, titled “The Punjab Agriculture Income Tax (Amendment) Act 2024,” has been prepared and will soon be presented to the Punjab Assembly for approval. Once approved, this bill will amend the existing Punjab Agriculture Income Tax Act of 1997 to incorporate the new tax structure.
According to sections 3 and 4 of the proposed amendment, farmers will now be required to submit statements detailing their total cultivated area or a return of their overall agricultural income. Unlike the current landholding-based tax, the revised act introduces an income-based tax structure, removing the old tax schedule defined in the 1997 Act.
Sources also said that the Punjab Assembly may convene on November 11 to pass the amendment, as the government aims to submit a gazetted copy of the approved law to the IMF by November 15, 2024.
