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Punjab Assembly Passes Budget of Rs5.4 Trillion for Fiscal Year 2024-25

The Punjab Assembly approved a budget of Rs5.4 trillion for the Fiscal Year (FY) 2024-25 through a majority vote

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The Punjab Assembly approved a budget of Rs5.4 trillion for the Fiscal Year (FY) 2024-25 through a majority vote, as reported by ARY News.

Effective July 1, 2024, the updated provincial revenues and budget measures include adjustments to taxes that have been in place for 70 years, according to a statement released today.

Punjab’s Finance Minister, Mian Mujtaba Shuja-ur-Rehman, presented the Finance Bill, which received approval under the leadership of Speaker Malik Muhammad Ahmad Khan. The bill does not introduce new taxes but revises existing ones.

Under the approved Finance Bill, residential properties valued up to Rs5 million will be exempt from taxation starting July 1. Commercial properties will face a tax of 0.07 percent on their total value.

Properties valued between Rs10 million and Rs25 million will incur an 0.08 percent tax rate, while those exceeding Rs25 million will be taxed at 0.09 percent.

Registration fees for motorcycles and scooters are set at Rs1,500, with an additional 10 percent annual transfer fee within 10 years. Vehicles up to 1000cc will have a registration fee of Rs20,000, with a similar 10 percent annual transfer fee. Vehicles between 1000cc and 2000cc will be taxed at 0.02 percent of their purchase price, and those above 2000cc at 0.03 percent.

Punjab anticipates receiving Rs3,683.1 billion from the NFC Award and Rs960.3 billion from provincial revenues, reflecting a 54 percent increase from the previous year.

The Punjab Revenue Authority aims to collect Rs300 billion (a 25 percent increase), the Board of Revenue Rs105 billion (a 6 percent increase), and the Excise Department Rs57 billion (a 25 percent increase). The total budget for FY 2024-25 amounts to Rs5.4 trillion, with projected total income reaching Rs4,643.4 billion.

During discussions on salary and allowance increases for Punjab Assembly members, opposition member Rana Aftab raised concerns over the government’s authority to approve these increments, suggesting that such matters should be decided by the Speaker.

Speaker Malik Ahmad Khan acknowledged the concern and emphasized the necessity of a legal examination. Treasury member Sami Ullah Khan supported this view, highlighting the importance of adjusting salaries in line with inflation.

Opposition member Ahmar Bhatti proposed that the legislature should have autonomy over its salaries and allowances. Treasury member Raja Shaukat Bhatti advocated for benefits aligned with the Blue Book guidelines.

Chief Whip Rana Shahbaz from the Sunni Ittehad Council urged the Finance and Industry Ministers to address issues affecting cotton and rice farmers. The Speaker instructed the ministers to engage with ginning factories experiencing strikes.

Opposition member Rashid Tufail highlighted the rising incidents of child abuse in Kasur, while Hamad Sana reported a recent case in his constituency. The Speaker directed the Minister for Parliamentary Affairs to promptly address incidents of sexual crimes against children. The session adjourned until 2 PM on Thursday, June 27.

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