LAHORE: Punjab’s Finance Minister Dr Ayesha Ghaus Pasha is expected to announce Rs 1,650 billion provincial budget for the fiscal year 2016-2017 on Monday under tight security arrangements.
The budget session will be presided over by Speaker Rana Mohammad Iqbal and is expected to take place around 3pm on Monday. According to sources salaries and pensions of serving and retired government employees are likely to be increased in the upcoming fiscal year. While no relief is expected to be offered in the sales tax on services sectors the provincial government is also not likely to impose any additional tax in the new budget either.
According to a private news channel, in the Punjab Budget 2016-17 Rs 550 billion have been allocated for development programmes, Rs 18 billion have been earmarked for Energy projects and Rs 40 billion have been allocated for irrigation. Rs 13.49 billion have been allocated for Higher Education while Rs 0.9 billion have been allocated for Special Education. Moreover, Rs 22.62 billion have been set aside for School Education and Rs 9 billion have been set aside for the repair of damaged school buildings. Rs 6 billion each have been set aside for the laptop scheme and for the provision of facilities at schools and for industries, Rs 3.83 billion have been allocated.
According to the provincial finance minister, Punjab budget offer far-reaching results, the burden on common man will be minimized and luxury services will be focused for increasing tax net. She added that due burden will be put on small traders while formula of recovery of property tax will be evolved while keeping in view the problems of middleclass. Reforms in tax policy are also expected which would result in increasing resources and gradually reducing tax rate, she said. She expressed these views during meeting with a delegation of Department for International Development (DFID) at Head Office of Punjab Revenue Authority (PRA).
The minister added that automation in the system of registration and recoveries would play an important role with regard to facilities in the business which would increase the confidence of private sector in public sector besides create environment of mutual cooperation.
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