Punjab Budget 2024-25 Pakistan

Tax exemptions on tractors and pesticides are likely to be abolished in the budget of the next financial year, the government will get a tax revenue.

For tractors and pesticides were exempted from sales tax, removing the tax exemption will cause tractor manufacturers to bear the cost of input tax which will increase the overall price of the tractor.

Punjab Budget 2024-25 Pakistan

Punjab Budget Pakistan

The salaries of government employees from Grades 1 to 16 will be increased by 35%. The salaries of government employees from grades 17 to 22 will be increased by 30 percent. The decision to increase the pension will be taken in the cabinet meeting.

It is proposed to allocate 69 billion 8 crores for higher education development projects, 4 billion 64 crore rupees for literacy and non-formal education, 64 billion 84 crore rupees for primary and secondary health care. It is proposed to allocate 58 billion 21 crore rupees for school education.

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.

 

It is proposed to allocate 32 billion 18 crore rupees for development projects of industry and trade, 11 billion 44 crore rupees for youth affairs and sports, 4 billion 82 crore rupees for tourism and archeology. According to sources, 8 billion 81 crore rupees will be allocated for environmental protection, 3 billion 41 crore rupees for information and culture.

It has been proposed to collect an 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 50 acres 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.

Punjab Budget increase in Govt Employees Pay & Pension:

It has been decided not to increase the salaries and pensions of government employees in Pakistan budget 2022 for the next financial year 22-2023. Salaries and pensions will be maintained at last year’s level in the budget for the next financial year.

The federal cabinet has also decided not to impose any new tax. salary increase defense Pakistan budget 2023 June. Punjab financial budget speech in assembly on 19th June 2023.

Punjab health budget Pakistan 2024:

Punjab health budget 2024-2025

Punjab Budget  Govt Employees Salary Increase New

Punjab budget 2023-24 Pakistan, Punjab budget 2023 Pakistan, Punjab budget news 2023 of Pakistan. Last year, the salaries of government employees were increased grade-wise. Grade 1 to 16 salaries were increased by 10%.proposed budget Pakistan 2023-2024 pdf

Salary update in Punjab budget 2024/25.

The Punjab Finance Bill 2024 will also be presented in the Punjab Assembly budget session. According to the spokesperson, the government has amended the Punjab Finance Bill 2024 regarding taxes and Provincial Minister Hashim Javan bakht will present Finance Bill 2021 in the budget session. Funds for the health department have been increased by 40%.Punjab budget 2024-25 copy pdf.

Punjab Budget News 2024 of Pakistan:

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 increased by 10 billion rupees and 42 billion rupees have been allocated, an 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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Fahad Munir

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