KP to present FY 2024-25 budget on May 24

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PESHAWAR: The Khyber Pakhtunkhwa government will present the budget for the fiscal year 2024-25 in the Provincial Assembly tomorrow before the federal government.

Advisor to KP Chief Minister on Finance Muzammil Alam said that he will present the budget for 2024 on May 24, with the assembly’s session summoned at 3 pm.

The adviser said the federal budget was likely to be presented on June 6-7 and in the case of presenting the budget after the federal government, Eid holidays were likely on June 17–18, so they decided to present the budget on May 24.

He said that the provincial finance department had also prepared its revenue mobilization proposals beforehand.

Advisor to KP CM said the Federal Board of Revenue’s tax target was likely to be around Rs 11.2 trillion, and in light of this target, they have prepared their budgetary estimates.

According to the sources within the finance department, the total size of the provincial budget is more than 1700 billion rupees, and more than 300 billion rupees have been kept in the budget for development works.

According to sources, a 15% increase in the salaries of government employees has been proposed, while a fund of more than 28 billion rupees has been allocated for health card in the budget.

In the budget, a subsidy fund of up to two and a half billion rupees has been allocated for BRT and instead of imposing new taxes, existing taxes have been modified.

Various taxes on the transfer of land have been proposed to be reduced from 6% to 3% while the provincial government will form a company for minerals.

Furthermore, BRT fares have been proposed to be hiked by Rs 5 to 10 per stop and 90 percent of the funds should be allocated to ongoing projects instead of new projects.

It has been proposed to allocate more than 10 billion rupees in loans on easy terms to the youth and under the successful youth program, interest-free loans will be given to the youth on easy terms.

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