Tag: punjab budget 2021-2022

LAHORE: The Punjab government has granted an incentive in stamp duty worth Rs40 billion during fiscal year 2021/2022 to encourage new investment in construction sector.

The provincial government announced incentives at the budget 2021/2022 that was presented on Monday.

The provincial minister announced tax concessions worth Rs50 billion during the fiscal year starting from July 01, 2021.

The minister said that an amount of Rs40 billion would be granted as tax incentive for construction sector during the next fiscal year. This concession would be available by maintaining stamp duty at one percent during the next fiscal year.

The provincial government decided to continue reduced rate of sales tax on services from 16 percent to five percent during the next fiscal year. The reduced rate of sales tax would be available on services included small hotels, guest houses, marriage halls, lawns, caterers, IT services, tour operators, jims, property dealers, rent a car service, cable tv oprators, treatment of textile and leather, commission agent of commodity operation, auditing accounting and tax consultancy services, photography and parking services etc.

In addition to mentioned above services, the provincial government decided to add more 10 services into reduced rate of tax regime. The government allowed reduced rate of sales tax on services from 16 percent to 5 percent to beauty parlor, fashion designers, home chefs, architects, laundries and drycleaners, supply of machinery, warehouse, dress designers and rental bulldozers etc.

The government decided to reduced sales tax rate from 19 percent to 16 percent on call centers.

LAHORE:  The Punjab government has allocated Rs560 billion for Annual Development Plan (ADP) for fiscal year 2021/2022, which is 66 percent higher when compared with Rs337 billion of the outgoing fiscal year.

The provincial government issued following details related to allocation for the development projects:

Housing and Public Health Engineering

• Waste water treatment plant at Babu Sabu Lahore – Rs35.1 billion
• Provision of clean drinking water through Punjab Aab-e-Pak Authority to more than 70 million population in all districts of Punjab – Rs11.6 billion
• Construction of flyovers and underpasses in Lahore – more than Rs10 billion

Irrigation

• Construction of Jalalpur Canal – Rs32.72 billion
• Remodeling of SMB Link Canal & enhancing capacity of Mailsi Syphon – Rs 4.03 billion
• Disaster & Climate Resilience project – Rs10.7 billion
• Trimmu Brrage, Punjnad Headworks – Rs16.8 billion

Social Welfare & Bait ul Maal

• Panagahs at all divisional headquarters in Punjab – Rs793 million
• Violence against women centers at DG Khan, Rawalpindi and Lahore – Rs425.5 million
• Disabled person management information system – Rs196.4 million

Public Private Partnership Projects

• Lai Expressway, Rawalpindi to Islamabad – Rs55 billion
• Okara – Satgara – Syedwala – Jaranwala – Chak Jhumra Expressway Road – Rs25.4 billion
• Sialkot Ring Road – Rs15.9 billion
• Installation of Water Meters in Lahore – Rs10.4 billion
• Multan Vehari Road – Rs12.01 billion

Forest

• Ten billion tree Tsunami Program (Phase – I) – Rs13.1 billion
• Establishment of Dargai Gill Gorest Park – Rs398 million
• Development at Pabbi National park – Rs150 million

Law & Order and Emergency Services

• Prison Management Information System for all prisons – Rs290 million
• Rescue 1122 Service in all Districts of Punjab – Rs683 million
• Motorbike Ambulance Service in remaining 27 districts of Punjab – Rs984 million

Transport

• Procurement of 200 Eco friendly urban buses for major cities of Punjab – Rs3.4 billion
• Construction of 200 bus stops/shelters including bus information system in Lahore – 498 million
• Centralized Auomtaed Fare Collection and Bus Scheduling System – Rs312 million

Energy

• Renewable energy sector program – 12.86 billion
• Establishment of Punjab Grid Company
• Punjab Ujala Program for School Solarization – Rs1.53 billion
• Solarization of 303 schools (for differently abled children) – Rs250 million

Enivornment

• Installation of air quality monitoring system across Punjab
• Installation of water quality monitoring system across Punjab

Agriculture & Food Security

• Punjab irrigated agriculture productivity improvement – Rs41.7 billion
• National program for improvement of watercourses phase – II- Rs18.33 billion
• Agriculture Transformation plan – Rs51.9 billion]
• Subsidy of Agriculture inputs – Rs4 billion

LAHORE: The Punjab government on Monday presented a total outlay of Rs2,653 billion provincial budget for fiscal year 2021/2022, which is 18 percent higher than the outgoing fiscal year.

Punjab Finance Minister Makhdoom Hashim Jawan Bakht presented the budget in the provincial assembly. He announced an increase of 10 percent in salary and pension of all provincial government employees. Besides, the provincial government also announced a 25 percent increase as special allowance for those employees between grade – 1 to grade -19, who were never granted any type of allowance in the past.

The Punjab government also announced to increase monthly minimum wage from Rs17,500 to Rs20,000.

Giving details of the budget 2021/2022, the provincial minister said that the province would get Rs1,684 billion under National Finance Commission (NFC) Award, which would be 18 percent from the outgoing fiscal year.

He said that the provincial revenues have been estimated at Rs405 billion for the next fiscal year, which is 28 percent higher than the outgoing fiscal year.

The Punjab government allocated Rs560 billion for annual development plan (ADP) for next fiscal year, which is 66 percent higher than the outgoing fiscal year.

The provincial minister announced tax concessions worth Rs50 billion during the fiscal year starting from July 01, 2021.

The minister said that an amount of Rs40 billion would be granted as tax incentive for construction sector during the next fiscal year. This concession would be available by maintaining stamp duty at one percent during the next fiscal year.

The provincial government decided to continue reduced rate of sales tax on services from 16 percent to five percent during the next fiscal year. The reduced rate of sales tax would be available on services included small hotels, guest houses, marriage halls, lawns, caterers, IT services, tour operators, jims, property dealers, rent a car service, cable tv oprators, treatment of textile and leather, commission agent of commodity operation, auditing accounting and tax consultancy services, photography and parking services etc.

In addition to mentioned above services, the provincial government decided to add more 10 services into reduced rate of tax regime. The government allowed reduced rate of sales tax on services from 16 percent to 5 percent to beauty parlor, fashion designers, home chefs, architects, laundries and drycleaners, supply of machinery, warehouse, dress designers and rental bulldozers etc.

The government decided to reduced sales tax rate from 19 percent to 16 percent on call centers.