LAHORE – The Punjab budget for the fiscal year 2021-22 having volume of over Rs 2,600 billion will be presented in the Provincial Assembly today.
Punjab Finance Minister Hashim Jawan Bakht will present the budgeted in the house tomorrow. Meanwhile, Punjab Chief Minister (CM) Usman Buzdar has summoned a special session of his cabinet tomorrow ahead of the budget.It was also reported that the special meeting of the Punjab cabinet will approve budget proposal for the upcoming fiscal year. The cabinet meeting will also give its nod to the revised budget estimates.
Provincial ministers, advisers, special assistants, chief secretary and concerned secretaries will attend the session.
The province expects Rs1,683.70bn from the federal divisible pool as its share under the National Finance Commission (NFC) award, based on the assumption that the Federal Board of Revenue will effectively collect the planned tax revenues of Rs5.83tn next year.
Furthermore, the province hopes to receive Rs272.57 billion in provincial tax revenue, rising 23.39 percent from the forecasts from the previous year of Rs220.89 billion. In contrast to this year’s expectations of Rs96.18 billion, which include net hydel profits of Rs25 billion, it is aiming for non-tax income of Rs132 billion. It is anticipated that foreign project aid flows will reach Rs65.20 billion in 2019. Additionally, it is expected that capital revenues (loans and loan recoveries) will total Rs79.2 billion, including private investment of Rs25 billion in P3 provincial infrastructure initiatives.
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