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Punjab Assembly ratifies provincial budget


Punjab govt

LAHORE: Punjab Assembly has ratified the proposed annual and supplementary budget grants for the fiscal year 2023-24. Yesterday, the government presented an ambitious surplus budget of over Rs4.48 trillion.

The budget includes expected income of over Rs 3.331 trillion, including Rs 2.706 trillion from the federal divisible resources.

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Punjab’s Finance Minister Mian Mujtaba Shujaur Rehman presented the budget amidst opposition members chanting slogans. He outlined the financial projections and priorities for the upcoming fiscal year including Rs 2.706 trillion anticipated to be received from the federal divisible pool under the NFC award.

He shared expectations for provincial tax revenue, that surpass Rs 625 billion, reflecting a 25 per cent increase from the previous year. Notably, contributions from various revenue-generating departments such as the Punjab Revenue Authority and the Board of Revenue are projected to increase by 26 per cent and 4 per cent, respectively.

Non-tax revenue is also expected to see a substantial rise, with projections exceeding Rs 231 billion, marking a notable 42 per cent increase.

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Breaking down expenditure allocations, Minister Rehman disclosed that significant portions of the budget are allocated towards salaries, pensions, and local government expenditures, amounting to over Rs 513 billion, Rs 392 billion, and Rs 627 billion, respectively.

Reassuring the public, the Finance Minister said that no new taxes would be imposed, citing the effective collection of sales tax on services.

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