Peshawar: Khyber Pakhtunkhwa (KP) Finance Minister Taimur Saleem Jhagra declared on Saturday that the government plans to disburse all Annual Development Programme (ADP) funding at the start of the next fiscal year.
During the post-budget briefing, Mr Jhagra stated that the development money will be released on July 1 this year to expedite work on ongoing projects.
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He added that the tax reduction in the budget was for the average man, because professional taxes will be eliminated, which will benefit the working class. The exemption of agricultural land tax will assist over 700,000 farmers. Furthermore, the middle class will profit from the repeal of the registration tax.
The government, according to reports, has increased tax collection from PKR 10 billion to PKR 20 billion, while the KP Revenue Authority has increased tax collection from PKR 10 billion to PKR 20 billion. In addition, the Tehsil Municipal Administrations will receive all collected urban immovable property tax in the coming fiscal year.
Furthermore, it has been stated that the government wants to distribute PKR 10 billion in loans to small firms like as SMEs, mobile stores, and low-cost schools, among others. Mr Jhagra further added that the government has increased tehsil municipal administration funding from PKR 9 billion to PKR 15 billion.
According to Additional Chief Secretary Shahab Ali Shah, who was also present at the ceremony, the highest development projects have been approved for the Chitral district under the Public Sector Development Program (PSDP).