Punjab CM for cutting unnecessary expenses

Says finance dept adopted effective strategy to deal with coronavirus

LAHORE:

The policy of austerity should be strictly implemented in Punjab along with ensuring financial discipline and a further reduction in unnecessary expenditures, remarked Punjab Chief Minister Usman Buzdar.

His comments came in a meeting with Punjab Finance Minister Hashim Jawan Bakht on Tuesday where the latter presented a two-year performance report of the government to the chief minister.

Buzdar added that the provincial Finance Department adopted an effective strategy to deal with the coronavirus challenge and ensured the provision of funds for development projects along with provision of additional resources to the Punjab Health Department for dealing with the virus.

“A tax relief package of over Rs56.5 billion was announced to stabilise the economy,” he said. “On the other hand, billions of rupees were provided to Covid-19 affectees under the Insaf Imdad programme.”

In addition, the tax rate for more than 20 services was reduced from 16% to 5%, he pointed out. The chief minister said the stamp duty rate was also revised downward from 5% to 1% in urban localities while online payment of more than 12 government taxes was ensured through the e-Punjab mobile/internet application.

Buzdar said a provisional provincial finance commission had been constituted and the government was implementing new programmes to create ease in the life of the common man.

The chief minister stressed that easing economic burden on the lower class through the Ehsaas Punjab programme was the mission of the government and it had also initiated a unique programme to promote ease of doing business.

Speaking on the occasion, Bakht said a request for additional funds worth Rs14.5 billion was rejected by the standing committee on finance and development while the Finance Department rejected requests for release of Rs75.58 billion over two years.

He pointed out that 75 new branches of The Bank of Punjab had been opened, adding that the bank earned a profit of Rs12 billion in 2018 while Rs14 billion was earned in 2019, which was the highest profit for the bank.

On the other hand, administrative matters of public sector companies had been addressed, he added.

Published in The Express Tribune, September 16^th, 2020.

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