The budget of Punjab is likely to be presented on June 19, the caretaker Punjab government will give a budget of 4 months.
According to the sources of Punjab Finance Ministry, caretaker Chief Minister Punjab Mohsin Naqvi will present the budget in a press conference.
Under the ministry, some issues including NFC are being considered regarding the budget.
No new taxes are being levied in the upcoming budget, nor can the caretaker government include any new development projects in the budget, so development funds will only be kept to complete the already ongoing projects.
It has been proposed to increase the salary by 35% for employees in Grade 1 to 16 and 30% for employees above Grade 17.
It has been proposed to maintain the ban on new vehicles and recruitment in government departments, not to reduce law and order, health and education funds, to keep 350 billion rupees for salaries and pensions and to keep 550 billion rupees for ongoing expenses. Is.
The initial estimate of the budget is likely to be 1200 billion rupees, the mid-term revenue plan has been prepared, the provincial departments have presented a 3-year plan from 2023 to 2026 in terms of taxes.
It has been proposed to increase the revenue to 683 billion rupees during 3 years in terms of sales tax, 22 to 74 billion rupees in terms of property tax, 19 to 74 billion rupees in terms of motor vehicles and stamp duty. It has been recommended to collect a tax of 68 to 124 billion rupees.
The tax collection is expected to increase the growth rate of the province by 24%, the proposal to collect additional tax on farmers in Punjab in the form of agricultural income tax and the Resource Mobilization Committee to collect a tax of 13 billion rupees in the form of agricultural income tax. is also recommended.
It has been proposed to collect additional tax of 11 billion rupees in the next financial year, 300 for 5 acres, 700 for 12 acres, 1200 for 12 to 25 acres across Punjab including Lahore, 1500 for 25 to 50 acres and 1500 for 50 acres. There are recommendations to levy a tax of Rs 2,000 per acre on the farmers cultivating the excess area and Rs 5,000 as agricultural income tax on orchards.
The federal government has cut 243 billion rupees from the budget allocated to the provinces, Punjab will get 124 billion rupees less after the cut, which is about 50% reduction.
It has been revealed in the documents that Punjab will get 2626 billion rupees under the NFC award next year, 62 billion crore rupees have been allocated after the increase of gas royalty of all provinces by 3 billion rupees.
After a reduction of 6 billion rupees, gas development charges are 13 billion 72 crore rupees, while royalties on crude oil have been allocated 42 billion rupees from an increase of 10 billion rupees. The additional burden of income tax of 500 billion rupees has been imposed on the provinces.
The documents also state that a target of collecting Rs 250 billion additional income tax from the people of Punjab has been set, while an additional Rs 423 billion will be collected from sales tax.
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