LAHORE: Punjab Finance Minister Dr Ayesha Ghaus Pasha has said no new tax was imposed on the common man in the proposed budget for the fiscal year 2015-16.
Addressing the post-budget press conference, the minister said that the only additional tax introduced in the province is Infrastructure Development Cess (IDC) on importers and exporters.
Pasha, accompanied by the provincial secretary finance, the Punjab Revenue Authority (PRA) chairman, the planning and development chairman and the additional chief secretary (energy), admitted that the provincial revenue collection fell short of target, mainly because of the adjustment issue on Sales Tax on Goods for 3G/4G technology that the telecom operators owed to the federal government.
The finance minister said certain targets and reforms announced in the provincial budget were aimed at taking the growth rate from seven to 8pc, doubling private investment from local and foreign investors, creating one million jobs per year to absorb labour force, and increasing yearly exports by up to 15pc.
She said three major areas of the budget were to overcome energy shortages, improve security and law and order and enhance productivity in agriculture, irrigation, labour, women development, rural development, and social sector.
She said the provincial government was expecting Rs888 billion share from the centre under federal divisible pool despite the fact that the latter had missed its revenue targets due to lesser macroeconomic growth rate.
