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LAHORE, Jun 26 (APP):The Punjab Assembly on Wednesday approved Rs 5,446 billion budget for the Fiscal Year (FY) 2024-25 by a majority vote.
The new provincial revenues and budget measures will take effect from July 1, 2024, wherein taxes that had been in place for 70 years have been updated.
According to the Finance Bill passed by the Punjab Assembly, residential properties valued up to Rs 5 million will be tax-free starting July 1. Commercial properties will incur a 0.07% tax on their total value. Properties valued between Rs 10 million and Rs 25 million will be taxed at 0.08%, while those over Rs 25 million will face a 0.09% tax. The registration fee for motorcycles and scooters is set at Rs 1,500, with an additional 10% annual fee for registration transfer within 10 years. Vehicles up to 1000cc will have a registration fee of Rs 20,000, with a similar 10% annual transfer fee. Vehicles between 1000cc and 2000cc will be taxed at 0.02% of the purchase price, and those over 2000cc at 0.03%.
The Finance Bill was presented by Provincial Minister of Finance, Mian Mujtaba Shuja-ur-Rehman, and was approved by a majority vote under the chairmanship of Speaker Malik Muhammad Ahmad Khan. No new taxes were introduced, but existing taxes were rescheduled.
Punjab is expected to receive Rs 3,683.1 billion from the NFC Award and Rs 960.3 billion in provincial revenues, a 54% increase from last year. The Punjab Revenue Authority is projected to collect Rs 300 billion (a 25% increase), the Board of Revenue Rs 105 billion (a 6% increase), and the Excise Department Rs 57 billion (a 25% increase). The total budget for the Fiscal Year 2024-25 is Rs 5,446 billion, with an estimated total income of Rs 4,643.4 billion.
During discussions on increasing the salaries and allowances of Punjab Assembly members, opposition member Rana Aftab raised a point of order questioning the government’s authority to increase these payments, suggesting that assembly matters should be decided by the Speaker.
Speaker Malik Ahmad Khan acknowledged the concern and noted the need to examine the question legally. Treasury member Sami Ullah Khan agreed, emphasizing the need for the assembly to adjust salaries based on inflation. Opposition member Ahmar Bhatti suggested that the legislature should control its own salaries and allowances. Treasury member Raja Shaukat Bhatti added that members should receive benefits according to the Blue Book.
Chief Whip Rana Shahbaz from the Sunni Ittehad Council urged the Finance and Industry Ministers to address issues faced by cotton and rice farmers. The Speaker instructed the ministers to engage with ginning factories if they were on strike. Opposition member Rashid Tufail highlighted the increasing incidents of child abuse in Kasur, and opposition member Hamad Sana reported a recent case in his constituency. The Speaker directed the Minister for Parliamentary Affairs to take immediate action on incidents of sexual crimes against children. The session was adjourned until 2 PM on Thursday, June 27.