Punjab govt likely to impose 30bn new taxes in next budget
LAHORE (92 News) – The Punjab government has prepared the documents to impose new taxes worth of 25 to 30 billion in next budget, the reports said on Saturday.
According to the reports, the provincial government is expected to impose new taxes on people and suggestions to collect property taxes from motorways and restaurants.
The reports said that the Punjab government has prepared the documents to impose taxes of 25 to 30 billion in next fiscal year. It also said that government is mulling to increase agriculture income tax and suggestions to impose new carbon tax on use of fuel are also under consideration.
The reports further reported that the government is considering widening the professional tax while professional tax on lawyers has been delayed, adding that the government is also considering to impose tax on beauty salons.
It was proposed to increase the development fund from 275 to 305 billion rupees in next fiscal year. The government is also considering to allocate 14 billion rupees to complete Orange Line Metro Train.
On the other hand Punjab government is planning to increase growth rate by 5.2 per cent in next fiscal year. The government is likely to allocate 3 billion for South Punjab secretariat.
The Punjab government has prepared the suggestions to create over 0.5 million new jobs in next fiscal year.
PM Imran Khan has summoned a meeting on 10 June to discuss matters related to next budget. The meeting would be attended by CM Usman Buzdar and the finance minister.
The new development schemes would be added to budget after approval from PM Imran Khan. The PM would be briefed on the budget allocated for pure water schemes in Punjab.
Federal cabinet decides to present budget on June 11
The federal cabinet has decided that the federal budget is set to be presented on June 11.
Prime Minister’s Special Assistant on Information Firdous Ashiq Awan informed Tuesday said while addressing a press conference after the meeting.
PM Imran Khan presided over a meeting of the federal cabinet to discuss the eight-point agenda. During the meeting, the strategy paper of budget 2019-20 presented to the federal cabinet.
She said that the forthcoming budget, for the fiscal year 2019-20, will focus upon improving Pakistan’s economy as well as foreign debt. “Further, one of the matters deliberated upon was that the common man not be impacted by the budget,” she added.
The special assistant also noted that initial documents pertaining to the budget were pondered upon.