LAHORE: The Punjab Assembly on Wednesday passed budget for financial year 2024-25 with a total outlay of Rs 5,446 billion.
In its first annual budget, the present government allocated a hefty amount of Rs 842 billion under Annual Development Programme (ADP).
After the approval of the Punjab budget, the Finance Bill was passed by the Punjab Assembly, which will be effective from July 1, 2024.
According to the details starting from July 1, residential property tax up to Rs 5 million will be exempted, while a 0.07% tax will be levied on total price of commercial property.
Similarly, a 0.08% tax will be levied on residential and commercial properties worth between Rs 10 million to Rs 25 million, and a 0.09% tax on properties worth more than Rs 25 million.
The registration fee for motorcycles/scooters has been set at Rs 1,500, with an additional 10% annual transfer fee for registration transfer within 10 years.
For cars up to 1000cc, the registration fee is Rs 20,000, with an additional 10% annual transfer fee for registration transfer within 10 years.
Similarly, for cars between 1000cc to 2000cc, the registration fee will be 0.02% of the purchase price, and for cars above 2000cc, the registration fee will be 0.03% of the purchase price.
In the Punjab Assembly session presided over by Speaker Malik Muhammad Ahmad Khan, Provincial Finance Minister Mian Mujtaba Shuja ur Rehman presented the Finance Bill for approval, which was approved by a majority vote. This budget does not impose any new taxes, however, the old taxes have been rescheduled.
According to the budget documents Punjab government will get more than 3,683 billion from divisible pool under National Finance Commission. The Punjab government will collect more than Rs 960 billion under the head of provincial receipts which is fifty percent more than the last year. Punjab Revenue Authority will collect Rs 300 billion, Board of Revenue will collect Rs 105 billion and Excise department will collect Rs 57 billion under receipts. The government will collect more than Rs 488 billion under the head of Non Tax Revenue.
Earlier, Opposition member Rana Aftab raised a point on point of order regarding the increase in salaries and allowances of Punjab Assembly members, asking how the government could increase their salaries and allowances.
The Speaker, Malik Ahmad Khan, replied that the question raised by the Opposition member was valid and that the answer lay in the law, which would need to be examined.
Government member Samiullah Khan said that the Opposition member’s question was correct, and if they were considered as public representatives, then it was justified. However, if they were not considered public representatives but rather part of the government, then their grade and salaries would need to be determined. The decision on their salaries should be made by the House, and if there was any reduction, their salaries should be decreased, but if they were adjusted for inflation, their salaries should be increased. Rana Aftab said that the Speaker’s statement was correct.
While speaking on a point of order, Rana Shahbaz, Chief Whip of the Sunni Council, said that the Finance Minister and Industry Minister should sit with cotton and rice farmers to resolve their issues.
The Speaker replied that he would ask the Finance Minister and Industry Minister to talk to the farmers if they were on strike. Similarly, Opposition member Rashid Tufail said that incidents of child abuse were increasing in Kasur.
In response, Speaker Punjab Assembly Malik Muhammad Ahmad Khan said that the Minister for Parliamentary Affairs should take immediate action on the incidents of child sexual abuse. He directed the Minister for Parliamentary Affairs to take action on this matter.
Opposition member Nadeem Qureshi demanded that a resolution against the increase in electricity bills should be presented to the federal government from the Punjab Assembly. The Speaker of the Punjab Assembly directed the Opposition member to bring the demand in the form of a resolution.
The Speaker adjourned the session until Thursday, June 27, at 2 pm, after the agenda was completed.
Copyright Business Recorder, 2024
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