Punjab Government has presented its public friendly tax-free budget for the next fiscal year 2020-21. Provincial Finance Makhdoom Hashim Jawan Bakht presented the budget during Provincial Assembly session today (Monday), being held at a local hotel in Lahore, due to Corona situation. Speaker Chaudhry Parvez Elahi chaired the session.
In his budget speech, the Provincial Finance Minister said that an overall amount of 337 Billion Rupees is being allocated Annual Development Program for the next fiscal year. Under this Program, 97.66 Billion Rupees have been allocated for the social sector, 77.86 billion rupees for infrastructure development, 17.35 billion rupees for production sector, 45.38 billion rupees for the services sector, 51.24 billion rupees for other sectors, 47.50 billion rupees for Special Program while 25 Billion Rupees for Public-Private Partnership.
He said that collections' revenue worth 4963 Billion Rupees from Federal Divisional Pool is expected while Punjab will be provided 1433 Billion Rupees under NFC Award during the next fiscal year. He said that a target of 317 Billion Rupees has been fixed for Own-Resources Revenue. He said that special funds on a priority basis have been allocated for eleven important sectors including education, health, and employment generation.
Finance Minister announced the biggest Tax Relief Package of provincial history for the business community which will also provide relief to the public as well. Under this package, the tax rate on health insurance and doctors' consultancy fees and hospitals will be made zero from the current rate of 16% and 5% respectively.
He said that tax rate on more than twenty services including small hotels, guest houses, marriage halls, lawns, caterers, IT services, tour operators will be brought down from 16% to 5%. He said that the Current rate of Stamp Duty rate will be brought down from 5% to 1% during the next fiscal year which will help in promoting the construction industry and create new job opportunities.
In his budget speech, Punjab Finance Minister said that the Provincial Government has decided to include the private sector to meet its development needs through innovating financing. He said that Punjab Public Partnership Authority has been set up which has identified mega projects worth 165 Billion rupees for next fiscal year. These projects include Lahore Ring Road Phase 4, Multan Vehari Dual Road, Nala Layi Expressway, Rawalpindi Ring Road, and provision of Water Meters.
Makhdoom Hashim Jawan Bakht said that fifteen billion rupees are being allocated for Community Development Program. He said that eight billion rupees are being allocated for development of Micro, Small and Medium Enterprises. He said that an allocation worth 6.87 Billion rupees has been made for Technical and Vocational Education Authority out of which Hundermand Jawan Program is being launched at a cost of 1.50 Billion rupees.
Punjab Finance Minister said that a huge amount of 284.2 Billion rupees has been allocated for the health sector for the next fiscal year. He said that the government is utilizing all available resources to tackle the Covid-19 pandemic and an overall amount of 13 Billion rupees has been fixed to control this pandemic.
He said that Health Insaf Card Program has been expanded to the whole province and health cards have been so far distributed amongst five million families. Makhdoom Hashim Jawan Bakht said that more than 391 Billion rupees are being allocated for the education sector. Out of it, 350.10 Billion rupees will be spent on School Education Department which will ensure the provision of scholarships to more than five lack female students and free textbooks for all.
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