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PM Imran summons special session on Punjab budget tomorrow

LAHORE: Prime Minister Imran Khan has summoned a special session regarding Punjab budget on June 10.

Sources said that the Punjab government finalised recommendations for the imposition of new taxes up to Rs35 billion for the next fiscal year.

The provincial government has decided to allocate funds for the three parts of Punjab including South, North and Central Punjab. Moreover, Rs3 billion would be allocated for South Punjab Secretariat.

It is recommended to expand professional taxation, however, the suggestion for imposition of the same tax on lawyers was postponed. The government is planning to enforce tax on beauty parlours and hair saloons.

Sources added that the provincial government is likely to increase the rate of agriculture income in next budget besides hiking growth rate to 5.2 per cent and the creation of employment up to 510,000.

Imposition of a new ‘carbon tax’ over usage of fuel up to one per cent is also on the cards.

The government is considering to allocate Rs14 billion for the completion of Orange Line Metro Train (OLMT) project, whereas, a plan is devised for the promotion of industries and factories under public-private partnership, sources said.

It is suggested to set estimation of the provincial government’s income up to Rs368 billion with an increase of 31 per cent.

The provincial authorities have suggested to establish a District Delivery Funds United in South Punjab and the allocation of Rs10 billion for water project.

As per upcoming budget, the Punjab province was distributed into three portion where South Punjab will get 35 per cent share, North Punjab 33 per cent and Central will receive share of 32 per cent.

It is pertinent to mention here that the Punjab government will present its budget for the new fiscal year of 2020-21 on June 14.

Overall budget volume is expected to be Rs1430 billion after allocation of Rs400 billion under development while the provincial government would not impose new taxation, sources said.

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