No new tax to be introduced in Punjab Budget

The Punjab government will present a tax-free budget for the fiscal year 2024-2025 with historic development allocations aimed at boosting agriculture and other sectors in the province.

According to the 24NewsHD TV channel, the provincial government will not introduce any new tax in the budget for next year but a percentage of some already imposed taxes have been increased.

As per the budget proposals, there are recommendations of a 2 to 10 times increase in stamp duty with an additional target of Rs4 billion have been set.

There are also recommendations to increase the housing, transport, and energy tax volume.
Recommendations for the collection of a 5 per cent tax on providing cinemas and entertainment are included in the budget.

It has also been proposed to increase the transfer fee for motorcycles and vehicles by 10%.
The channel reported that for the first time in history, a development budget of Rs842 billion is being presented, reflecting the government's commitment to substantial growth and infrastructure development.

Under the Livestock Farmer Card scheme, the Punjab government has set aside Rs2 billion to benefit livestock farmers while a substantial allocation of Rs64 billion to enhance agricultural productivity and infrastructure.

The government has allocated Rs30 billion to support farmers in acquiring tractors under the Farmers' Tractor Scheme.

As per the channel report, the budget includes savings of Rs530 billion from specific schemes under the Annual Development Programme (ADP).

Reporter: Awais Kiyani