The upcoming budget proposals indicate a phased approach to ending sales and income tax exemptions, aligning with the IMF’s conditions for new loans.
LAHORE, The Punjab government is set to present a tax-free budget for the fiscal year 2024-25 on June 12, according to Provincial Finance Minister Mujtaba Shujaur Rahman. This announcement follows the federal budget’s scheduled release on June 11, with Punjab aligning its budget presentation a day later. Should the federal government shift its date, Punjab’s budget presentation will move to June 14.
Shujaur Rahman confirmed that the upcoming provincial budget would be tax-free. Additionally, he revealed the launch of the Punjab Kisan Card on August 14, accompanied by a substantial Rs400 billion package aimed at supporting farmers. The provincial government is also negotiating with foreign companies to enhance public transportation services.
The federal budget, initially slated for June 7, was postponed to June 10 due to Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to 8, on President Xi Jinping’s invitation. During his visit, PM Sharif will travel to Xi’an, Shenzhen, and Beijing, as announced by the Ministry of Foreign Affairs.
Inflation concerns loom over the 2024-25 federal budget, driven by the International Monetary Fund’s (IMF) demands for reduced sales tax exemptions. Essential commodities such as milk, tea, sugar, rice, flour, and packaged milk are expected to see price hikes. The IMF has urged Pakistan to impose a 5-10% sales tax on previously zero-rated sectors and end tax exemptions in FATA and PATA by June 30.
Read More: Punjab: Banking on IT & Education Sector Reforms for Development
The upcoming budget proposals indicate a phased approach to ending sales and income tax exemptions, aligning with the IMF’s conditions for new loans.
Punjab CM Maryam Nawaz icreases Stipend for Special Persons to Rs7,500
Punjab Chief Minister Maryam Nawaz has approved an increase in the monthly stipend for special persons from Rs6,000 to Rs7,500. The decision came during a special meeting on Monday to review the Chief Minister Himmat Card project.
In the first phase, approximately 30,000 special persons will receive the increased stipend for three years, CM Nawaz announced. She also directed an awareness campaign to facilitate the provision of wheelchairs, urging those in need to register via the Chief Minister’s Office helpline at 0800-02345.
Additionally, the second phase of the project will distribute 14 types of assistive devices, including wheelchairs, hearing aids, tricycles, and Braille equipment. CM Nawaz emphasized that these measures aim to ease the lives of special persons, who will also benefit from subsidized public transport facilities and phased loan programs.
The meeting was attended by Senator Pervaiz Rashid, Senior Provincial Minister Marriyum Aurangzeb, MPA Sania Ashiq, Chief Secretary Zahid Akhtar Zaman, Principal Secretary to CM Sajid Zafar Dal, Secretary CM Office Danish Afzal, Secretary Social Welfare, and other relevant officials.
