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Khyber Pakhtunkhwa to unveil Rs1700b on May 24

By News Desk

May 23, 2024 06:24 PM


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Khyber Pakhtunkhwa's budget for the upcoming financial year is ready and will be presented on May 24 at 3 PM, according to secretariat sources.

According to 24NewsHD TV channel, the budget is projected to exceed Rs1700 billion.

A substantial allocation of Rs200 billion is earmarked for the Annual Development Program (ADP).

The budget will also introduce tax reductions in some sectors while expanding the tax net to include new sectors. A Provincial Excise (PE) duty will be imposed on tobacco and other products.

There will be consultations with the federal government regarding tax enforcement in Peshawar, the Malakand Division, and the newly merged districts.

Notably, there is a decision not to impose a tax burden on the merged districts, with prepared suggestions reflecting this stance.

Budget proposals have been submitted to Chief Minister Ali Amin Gandapur for review today. A significant focus will be on eliminating unnecessary development schemes, which is expected to reduce the development program by over Rs400 billion. The strategy prioritizes the completion of ongoing projects over the initiation of new ones.

Additionally, the federal funds will be included in the budget at a rate of 15%, ensuring a comprehensive financial plan for the region. This approach aims to optimize resource allocation and effectively manage ongoing development initiatives in Khyber Pakhtunkhwa.


News Desk


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