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Khyber Pakhtunkhwa presents budget of Rs. 923 billion for fiscal year 2020-21


Aizbah KhanWeb Editor

19th Jun, 2020. 08:05 pm
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Khyber Pakhtunkhwa presents budget of Rs. 923 billion for fiscal year 2020-21

Khyber Pakhtunkhwa has presented a budget of Rs 923 billion for the financial year 2020-21. No new tax has been imposed in the province. Rs 317 billion has been allocated for the development program.

The provincial budget was approved in the Khyber Pakhtunkhwa cabinet meeting, after which Finance Minister Timur Jhagra presented the budget in the assembly.

Rs 24 billion has been allocated in the budget for Corona Emergency Program, Rs 124 billion for the health sector, more than Rs 30 billion for education, more than Rs 14 billion for agriculture and Rs 11 billion for energy. Finance Minister said the first priority is health.

A total of over Rs. 183 billion has been allocated for the tribal districts, including Rs. 12 billion in external aid, and Rs. 24 billion has been allocated for the tribal districts from the provincial development program.

More than Rs 2 billion has been allocated in the provincial budget for the promotion of tourism and sports. The finance minister said that no new tax has been imposed in the province in the budget for the next financial year but services sales tax in 27 different sectors.

The rate has been reduced from 8% to 5%. Various businesses are exempted from tax on the condition of registration with Capra.

According to the Finance Minister, equipment, doctors and medicines have to be delivered to every hospital, Rs 10 billion has been allocated for Health Justice Card, Rs 36 billion has been allocated for MTI hospitals, the amount for the purchase of medicines has been increased to Rs 4 crore.

In addition to the health budget, an additional contingency fund of Rs 24 billion has been set aside. This year, the revenue has been increased from Rs 10 billion to Rs 17 billion.

Hotel and professional tax on surplus professionals will be abolished.

The province has allocated Rs 247 billion in salaries and Rs 86 billion in pensions. Corona situation has reduced the revenue of the province. After the budget speech, the session of the Provincial Assembly was adjourned till 2 pm on Monday.

Also read:  BUDGET 2020: CM Shah presents Rs 1.24 trillion financial plan

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