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New taxes likely in Punjab budget on Friday

LAHORE: Provincial budget for the 2014-15 fiscal will be presented in the Punjab Assembly (PA) on June 13 in which new taxes are likely to be introduced. Along with the Finance Bill, 2014, supplementary budget statement for the ongoing financial year will also be presented on the same day.
According to a notification issued by the PA secretariat, the budget session will start at 3pm with Speaker Rana Muhammad Iqbal Khan in the chair while Finance Minister Mian Mujtaba Shujaur Rehman will present the budget statement.
The governor, while exercising power conferred on him under Article 109 of the constitution and under rules 134 and 147 of the Rules of Procedure of Provincial Assembly of the Punjab, summoned the assembly to meet on Friday after which the assembly secretariat issued the notification.
According to sources in the Finance Department, the government was willing to impose some new taxes along with introducing measures to expand the net of taxpayers, especially in services sector, to enhance its revenue. 
They said that following the trend set by the federal government, the Punjab government would not announce more than 10 percent increase in salaries of government servants and pensions of retired government servants.
Like the federal government’s proposal on minimum wages for labourers, they said, the Punjab government would also increase minimum wages to Rs 12,000 per month.
The sources said that only Rs 480 to Rs 1,000 per month would be added to net salary of government employees from BS-1 to BS-16 while salaries of employees in BS-17 to BS-22 would go up by Rs 1,500 to Rs 4,000 per month.
They also said that volume of the provincial budget would exceed from Rs 1 trillion while the volume of annual development programme would also exceed from Rs 325 billion. Some taxes on luxury vehicles were likely to be introduced in the budget, they added.

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