Punjab government to announce budget after the Federal Government, today.
According to the report of Baaghi TV, Punjab has also decided not to increase the salaries of government employees on the lines of the federation. The budget of Punjab will be presented today.
The agenda of the budget meeting of the Punjab Assembly for the new financial year 2020-21 has been released. The supplementary budget of the Punjab Assembly along with the budget for the financial year 2020-21 will also be presented in the meeting today. The Punjab Finance Bill 2020 will be presented in the Punjab Assembly budget session. Sources said that the government has amended the Punjab Finance Bill 2020 regarding taxes.
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Punjab Provincial Minister, Hashim Javanbakht, will present Finance Bill 2020 in the budget session. According to informed sources, like the Federal government, Punjab government employees will have to spend on previous salaries. In the second annual budget of PTI, cuts have been made in most departments of Punjab.
Funds for the health department will be increased by 40%. The Assembly Secretariat has completed preparations for the budget session. The budget session will be chaired by Speaker Punjab Assembly, Chaudhry Pervez Elahi. PTI MLAs have been directed to ensure attendance at the budget meeting.
Punjab’s budget of more than Rs 2,200 billion will be presented today. Measures have been proposed in the Punjab budget to provide major relief. There will be direct tax relief, ten sectors will automatically benefit from tax relief when they come into the tax net. A record reduction in sales tax on services received under PRA has been proposed while property tax is also being proposed to be levied in two installments.
According to sources, the 16 percent tax on doctor’s services and hospital bedroom charges and health insurance will be abolished, while the tax on hotels and guest houses with up to 20 rooms will be reduced from 16 per cent to 5 per cent and marriage halls. 5% tax will also be proposed on event lawns and venues. It is also proposed to levy 5% tax on healthcare gyms, fitness centers, property dealers and rent-a-car services, cable operators, automobile dealers and apartment management.
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It is also proposed to increase the tax on property builders and developers who come into the tax net or are already in the tax net to 5%. Skin and laser clinics coming under the tax net, education franchises coming under the tax net and IT sector are also proposed to be taxed at 5%. Restaurants, beauty parlors and salons which are paid by debit card or credit card are also proposed to be taxed at 5%. Property tax will also be levied in two installments instead of lump sum. According to sources, the tax relief package will be worth Rs 15 billion.
To alleviate the losses caused by COVID-19, it will be proposed to abolish the fixed tax and provincial sellers tax and reinstate them at a lower rate in the budget for the next financial year 2020-21. The annual taxes on catering services, food centers and renovation services, which have been suspended in the current financial year, will be re-imposed. Sources said that like the federal government, the Punjab government will also provide relief to various sectors of the construction industry.
In the budget for the current financial year 2019-20, the government imposed an annual tax of 16% on the construction industry and equipment renters. Sources said that these services are likely to get relief in the next financial year. Similarly, reduction in stamp duty and transfer rate on sale and purchase of property will also be proposed. In view of the impact of the Corona epidemic on the economy, the annual taxes imposed on factories with more than 10 employees, suggestion to reduce taxes has been made.
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The annual budget for the current financial year 2019-20 will also review the annual provincial taxes levied on homeopaths, doctors and physicians. It will also propose to reduce the annual fixed tax on motorcycle dealers. The government is likely to allocate Rs 42.33 billion for the transport department. An increase of Rs. 28.83 billion has been proposed in the transport budget for the next financial year as compared to the current financial year. 96% of the development budget for the next financial year will be spent on the Orange Line train only. The new budget also proposed to allocate Rs 42 billion for seven development schemes of the Orange Line.
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