No new taxes as Punjab set to present budget today

The Punjab government is set to present its Rs5,370 billion budget today (Thursday).

The size of the development budget will be at around Rs700 billion, while the revenue target will be Rs1,026 billion.

The province is expected to receive a share of Rs3,700 billion from the NFC.

Unlike federal budget, Punjab Finance Ministry spokesperson confirmed that the provincial government won’t be imposing any new taxes.

However, he said that they are focused on improving tax collection and efficient utilization of government resources and assets.

“Education, health, and social security will be the top priorities in the Punjab budget,” the spokesperson stated. “At the same time, the government will pursue mega projects through public-private partnerships and provide special attention to the industry and agriculture sectors.”

Moreover, he hinted at providing subsidies for masses in food and transportation.

Additionally, an increase in government employee salaries is anticipated.

The spokesperson expressed confidence that the budget will create opportunities for both local and international investors, particularly in the information technology sector, which is seen as a key driver of the province’s economic development.

The Punjab Finance Minister, Mian Mujtaba Shuja-ur-Rehman will present the budget in the provincial assembly after its approval by the Punjab Cabinet.