Abolishes sales tax on information technology businesses, no new tax imposed, Caretaker Information Minister Punjab Aamir Mir
Lahore: The caretaker Punjab government has approved the budget of 1719 billion rupees.
A provincial cabinet meeting was held under the chairmanship of caretaker chief minister Punjab Mohsin Naqvi in which the budget was approved.
The cabinet approved 30 percent increase in salaries and 5 percent increase in pension of government employees and 20 percent increase in pension of pensioners above 80 years of age.
In the ongoing expenditure in the budget, 721 billion rupees have been allocated for 4 months, 116 billion rupees for pension, 325 billion rupees for development projects, 277 billion rupees for capital expenditure and 395 billion rupees for account food.
A target of 579 billion rupees has been set for the acquisition of sources of income. 393 billion in provincial revenue and 186 billion in non-tax was allocated. 240 billion in sales tax, 30 billion in net hydel profit.
Minister of Industry, Trade and Energy SM Tanveer said that sales tax on information technology related businesses was abolished in Punjab, tax on stamp duty was kept at one percent, 65 billion rupees have been kept for agriculture, health and education. The budget was increased by 31%.
In a press conference after the approval of the budget, Caretaker Information Minister Punjab Aamir Mir said that under Article 126 of the Caretaker Cabinet of Punjab, four months of revenue and expenditure have been approved, no new tax has been imposed, Punjab Province 194 He will collect Rs.1 billion on his own, Journalist Endowment Fund has been established in Punjab with Rs.1 billion.
He further said that it has been decided to write off the debt of 600 billion rupees on wheat payments, 25 crore rupees were being paid daily interest on this debt, due to which the debt of 600 billion rupees had to be paid, if this debt In case of non-payment, it was supposed to be 1100 billion rupees at the end of this year. With the approval of the cabinet, the series of debt repayment of 600 billion rupees was started, which will be written off in four months.
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