Islamabad, Nov 15: Punjab Assembly Approves Landmark Bill to Tax Agricultural Income. The Punjab Agricultural Income Tax (Amendment) Bill 2024 was approved by the Punjab Assembly on Thursday.
In order to enforce a larger tax structure on agricultural revenue, the legislation establishes a new taxation regime on agricultural income, including income from animals. Higher-earning farmers will pay taxes under the measure, and those who fail to pay taxes will be penalized 0.1 percent of their entire income each day.
While some claim that the bill ignored farmers’ concerns, others describe it as a vital change for the agriculture sector. A top lawmaker denounced the draft, claiming it violates Article 142 of the Constitution, which limits agricultural taxes. Others opposed the bill as well, referring to the proposed 40 percent farmer tax as a “economic murder” of the agriculture industry.
