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The Islamabad Capital Territory (ICT) Administration on the directives of Wafaqi Mohtasib, has reduced the stamp duty and registration fee on mortgage deeds by 75 per cent from one per cent to 0.25 per cent. The decision was taken by the ICT administration on Tuesday and notified reduction in stamp duty and registration fees.
The Wafaqi Mohtasib received a complaint regarding the over-charging and investigated the matter. The issue was subject to unwarranted delays and red-tape, with the decision to notify reduction in stamp duty and registration fee pending approval by the ICT administration for several years.
As a result of this delay and inefficiency on the part of the ICT, the public continued to pay stamp duty and registration fee at rates higher than anywhere else does in the country.
The Mohtasib termed the charging of one per cent stamp duty and registration fee by ICT administration as violation of the directives of the Federal government and in contravention to the National Housing Policy 2001, which called for reduction in stamp duties and registration fees. The reduction in stamp duty and registration fees will enhance the registration process, improve documentation and increase the government's revenue receipts.

Copyright Business Recorder, 2008

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