Because of Coronavirus, Excise Department sent people to meet the recommendations of the summary of taxpayers who suffer financial difficulties. It has been asked to waive fines ranging from 10% to 100% for late payment of tax. The concession period on token tax which is normally 2 months should be increased to 3 months. Concession on token tax will be increased from 5% to 10%.
It may be recalled that the federal and provincial budgets will be presented in the same month. The total revenue for Punjab in the budget for the next financial year is estimated at Rs. 23 trillion 80 billion as against the total revenue estimates of Rs.
The budget is being prepared by the Punjab Finance Department. In terms of revenue, the total revenue for the budget of Punjab for the next financial year has been estimated at Rs. 23.80 trillion. General revenue receipts are estimated at Rs. 84.17 trillion in total revenue
Extracted from City42 News