LAHORE: The Punjab government has passed the Punjab Agricultural Income Tax Bill 2024 in the provincial assembly with a majority vote, accepting all amendments proposed by the opposition. Interestingly, the ruling party’s coalition partner, the Pakistan Peoples Party (PPP), vehemently opposed the bill, and even staged a walkout from the assembly in protest.
The bill’s passage marks a significant development, considering the PPP’s strong objections. Despite their opposition, the Punjab government successfully pushed the bill through, demonstrating its determination to implement the agricultural income tax reforms.
The Punjab Assembly session, chaired by Speaker Malik Muhammad Ahmad Khan, approved the Punjab Agricultural Income Tax (Amendment) Bill 2024 with a majority vote. Despite opposition from the Pakistan People’s Party (PPP), a coalition partner, the bill passed.
Importance of open discussion on implementing agri tax emphasized
PPP’s Ali Haider Gillani expressed dissatisfaction, stating the government didn’t take them into confidence, leading to their walkout protest. Gillani emphasized that the opposition’s amendments were accepted, but they still deemed the agricultural income tax an “economic murder” of farmers.
Parliamentary Affairs Minister Mian Mujtaba Shuja-ur-Rehman responded to the opposition, stating that the government aims to bring reforms to agriculture and livestock through this bill, ensuring Punjab’s farmers will receive support
The Punjab Agricultural Income Tax Bill will come into effect in 2025. High-income farmers will face a super tax. Late payment penalties include a 0.1% daily fine on unpaid tax amounts.
After the passage of the bill farmers having income of less than Rs 12 lac have to pay Rs 10,000 fine. Farmers earning less then Rs 4 crore have to pay a fine of Rs 25,000. Farmers earning more than Rs 4 crore have to pay Rs 50,000 fine.
The Punjab Assembly has passed the Registration Amendment Bill 2024 and approved the rules granting the Chief Minister’s Advisor the authority to speak in the House, with a majority vote. After completing the agenda, Speaker Malik Muhammad Ahmad Khan prorogue the session.
Copyright Business Recorder, 2024