LAHORE, Pakistan: The people-friendly Punjab Budget with a total outlay of Rs 3,226 billion for the Financial Year 2022-23 was presented in Lahore on Wednesday.
Presenting the budget, the Punjab Finance Minister Sardar Owais Ahmad Khan Leghari said that the total volume of the budget is 22 percent more than the current Fiscal Year 2021-22, out of which Rs 1,712 billion has been allocated for current expenditures.
The minister said that the total estimated revenue for the next fiscal year is Rs 2,521.29 billion while the province will get over Rs 2,020 billion from the Federal Divisible Pool.
The finance minister said that Rs 435.87 billion have been allocated for salaries, Rs 312 billion for pensions while Rs 528 billion for local governments.
Owais Leghari said that o new tax has been levied in the next fiscal year on account of Sales Tax on Services. He said that the Stamp Duty ratio has been proposed to enhance from current one percent to two percent to raise the provincial revenue.
The minister said that 35 percent of the Annual Development Program amounting to Rs 240 billion has been allocated for South Punjab which will be spent on development projects.