Budget Announced 2022-16 Govt, of Punjab Live Update

Budget 2022-16 Govt, of Punjab Live Update.This is eighth consecutive budget of the Pakistan Muslims League-Nawaz’s (PML-N) provincial government..

Punjab Finance Minister Dr Ayesha Ghaus Pasha will present the budget as she has been recently appointed as finance minister on May 29

According to sources, over Rs.400 billion will be spent on the development projects while 36 percent of the developmental budget has been allocated for uplift projects in South Punjab.

Last year, the PML-N Punjab government had presented Rs1.2 trillion budget and had allocated same 36 percent of the development budget for South Punjab.

Provincial Minister for Finance Ayesha Ghous Pasha will be the first ever women to present proposed Rs1200 billion budget in the assembly.

Rs 410 billion have been allocated for the development works across the province.

The finance minister has decided to start laptop scheme after two years gap. Rs 5 billion will be allocated for the laptop scheme.

Rs 47 billion will be spent on Education while, Rs 60 billion will be allocated for energy.

A handsome amount of money will be allocated for LNG and coal to produce energy.

Meanwhile, new power projects will be started in Lahore, Sheikhupura and Faisalabad.

Govt employees salaries are expected to be increased 10-15% in the upcoming punjab budget 2022-16

Imposing tax on usage of internet data services of mobile phone users to generate additional rvenues for meeting the annual revenue target.

19.5 per cent tax on internet services over 2Mbps and for bills exceeding Rs.1,500 per month.

56 percent population of Pakistan will be liable to pay service taxes on internet usage for 3G, 4G, broadband, EVO or anything internet communication with speeds exceeding 2Mbps if the monthly bill for their service exceeds Rs1,500 per month.

Pakistan is considered as the country with fourth highest taxes on telecom sector, including

Sales Tax on Mobile Phone (Rs150-500),

IMEI Tax (Rs150-500),

SIM Activation Tax (Rs250 usually paid by telcos).

FED/Sales Tax on calls.

SMS (18.5% and 19.5%).

Advance Tax/WHT (14%).

FED on banking services/ branch-less banking transfer charges (16%).

Taxes on operators (33% of Taxable Profit or 17% of Accounting Profit or 1% Annual Turnover).

Advance Tax at Import Stage (5.5% of value of goods which is considered as final tax).



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