Peshawar: The Khyber Pakhtunkhwa (KP) government on Tuesday announced its budget for the (fiscal year) FY 2019-20, with a total outlay of PKR 900 billion – a news source reported.
Finance Minister Taimur Saleem Jhagra presented the provincial budget in the KP Assembly. All lawmakers belonging to the ruling party, as well as opposition members, attended the provincial assembly session.
As per reports, the provincial government has proposed allocations worth PKR 236 billion – out of the total outlay which stands at PKR 900 billion – for its annual development programme (ADP).
It has also decided to increase income taxes for salaried persons who earn PKR 20,000-30,000 monthly. These individuals will now be liable to pay PKR 1,000 on their monthly income. Similarly, a tax of PKR 1,200 has been proposed for individuals earning between PKR 30,000 and PKR 50,000 per month.
Moreover, the executive has proposed monthly deductions of PKR 1,500 for individuals earning between PKR 50,000 and PKR 100,000; PKR 2,000 for salaried persons with monthly earnings between PKR 100,000 and PKR 200,000; PKR 3,000 on monthly income above PKR 200,000 (and all the way up) to PKR 500,000, and PKR 5,000 for individuals who earn more than PKR 500,000 per month.
The government has proposed to increase annual taxes on private companies (up to PKR 100,000 on businesses with a net worth between PKR 10 million and PKR 200 million); restaurants, hotels and departmental stores (PKR 40,000); CNG stations (PKR 30,000); electronic shops (PKR 10,000); private medial and engineering colleges (PKR 100,000), and marriage halls (PKR 60,000).
