Peshawar: Khyber Pakhtunkhwa (KP) Finance Minister Taimur Saleem Jhagra on Saturday announced that the government intends to disburse all Annual Development Programme (ADP) funds at the start of the next fiscal year, according to media reports.
Mr Jhagra indicated during the post-budget briefing that the development money will be issued on July 1, this year, to expedite work on ongoing projects.
He stated that the tax relief in the budget was for the common man, since the elimination of professional taxes will benefit the working class. More than 700,000 farmers will benefit from the exemption of agricultural land tax. Furthermore, the elimination of the registration tax will benefit the middle class.
According to reports, the government has boosted tax collection, while the KP Revenue Authority has raised tax collection from PKR 10 billion to PKR 20 billion. In addition, in the next fiscal year, the Tehsil Municipal Administrations would receive all collected urban immovable property tax.
Moreover, it has been reported that the government intends to disburse PKR 10 billion in loans to small businesses such as small and medium enterprises (SMEs), mobile stores, low-cost schools, and so forth. Additionally, Mr Jhagra stated that the government has raised financing for tehsil municipal administrations from PKR 9 billion to PKR 15 billion.
The highest development projects have been approved for the Chitral district under the Public Sector Development Programme (PSDP), according to Additional Chief Secretary Shahab Ali Shah, who was also present at the event.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
