LAHORE: The Cabinet Committee on Resource Mobilization for the fiscal year 2024-25 has approved the revised proposals from the tax and non-tax departments to enhance the province’s resources.

“The proposals approved by the Committee will be submitted to the Punjab Chief Minister’s approval and once approved these proposals will be included in the Finance Bill for the next fiscal year’s budget,” Punjab Finance Minister Mujtaba Shuja-ur-Rehman said while chairing a meeting of the Cabinet Committee on Resource Mobilization for the fiscal year 2024-25 on Friday.

Punjab Law and Communication and Works Minister Malik Sohaib Bharath, Punjab Finance Secretary Mujahid Sherdil, provincial secretaries and other senior officials were also present in the meeting.

On this occasion, the Finance Minister directed the tax departments to take all stakeholders on board regarding proposed changes in the tax base. He also announced that the registration of vehicles running in Punjab in their respective districts will be made mandatory.

He averred that rationalising stamp duty and agriculture income tax is crucial at this time; however, small landowners and farmers will not be burdened. “The salaried class is paying more taxes than large landowners and hence, it is essential to make wealthy citizens aware of their national responsibilities,” he added.

He told the meeting that under the Punjab Revenue Authority, a review of 17 services is being proposed to standardise the tax rate. “The Livestock Department should set a token fee for providing mobile health facilities to animals. A nominal fee for on-site treatment will improve service delivery,” he added.

He also said that revising the royalty on natural minerals produced in Punjab is the province’s right. “International markets earn significantly more by paying minimal royalties on rock salt and pink salt,” he added.

Copyright Business Recorder, 2024