September 15, 2020
Provincial Finance Minister Hashim Jawan Bakht presented the 2-year performance report to Chief Minister Punjab Sardar Usman Buzdar at his office.
The CM appreciated the performance and directed that austerity policy should be strictly implemented along-with observance of financial discipline and a further cut in unnecessary expenditures be ensured. The Finance Department adopted an effective strategy to deal with the corona challenge and ensured funds for development projects along-with provision of additional resources to the Health Department to deal with the virus, he said. Meanwhile, a tax relief package worth more than Rs. 56.5 billion was given to stabilize the economy. He added that billions of rupees were provided to the corona affectees under Insaf Imdad Programme and tax ratio on more than 20 services were decreased from 16 % to 5 %. Meanwhile, the stamp duty ratio was decreased from 5 % to 1 % in urban localities and online payment of more than 12 government taxes was ensured through e-Punjab mobile/internet application. He said that a provisional provincial finance commission has been constituted and the government is implementing new programmes to bring ease in the lives of the common man. The CM stressed that relieving the indigent strata of the economic burden through Ehsas Punjab Programme is the mission of the government. The government has also initiated a unique programme to create ease of doing business, the CM concluded.
The Finance Minister stated that additional funds’ requests worth Rs.14.5 billion have been rejected by the cabinet standing committee for finance and development while the finance department rejected requests worth Rs.75.58 billion during the two years. Meanwhile, 75 new branches of the Punjab bank have been opened. The bank of Punjab earned 12.0 billion rupees profit in 2018 while 14.0 billion rupees profit was earned in 2019 which is the highest profit of the said bank. On the other side, administrative matters of public sector companies have been rectified. The financial audit has been conducted and business plans are also designed to increase their resources, the minister added. Secretary Finance was also present on this occasion.