Lahore: The Punjab Assembly (PA) has approved the Financial Bill 2019-20, a news source reported. Punjab Finance Minister Makhdoom Hashim Jawan Bakht presented the bill in the assembly, which passed it with a majority vote to complete the budget process.
PA Speaker Chaudhry Pervaiz Elahi chaired the session and Punjab Chief Minister Sardar Usman Buzdar was also in attendance. The PA also gave a green signal to a three-month extension for the Punjab Land Revenue Amendment Ordinance.
The provincial government had presented a budget of PKR 2.30 trillion for the Fiscal Year (FY) 2019-20, which indicates a 3% increase in expenditure as compared to the outgoing fiscal year. In terms of development, the amount allocated has increased by 47% from the last fiscal year. The Punjab Government has also made substantial changes to property tax regimes in order to raise more revenue.
During the PA session, Punjab Law Minster Raja Basharat also presented the Punjab Water Bill 2019. The speaker referred the bill to the concerned standing committee and asked for report submission in two months.