Provincial Minister for Finance and Health, Taimur Salim Jhagra here on Saturday said KP budget 2020-21 was a tax free and balanced with no new tax and a record Rs148 billion were allocated for health and Rs 207 billion for education sectors to improve socioeconomic conditions of masses.
In a post-budget press conference here along with Advisor to Chief Minister (CM) for Information Ajmal Wazir, the Finance Minister said Rs 318 billion were earmarked for development in KP budget, which was more than Sindh province.
KP Government has established Anti Coronavirus Emergency Relief Fund with allocation of Rs 24 billion in the budget 2020-21 to protect people from the viral infection.
Despite difficult economic situation due to coronavirus pandemic, he said outlay of the development has been maintained to generate employment opportunities and run economic wheel of the province as per vision of Chief Minister KP.
He said tax rate has not been increased and efforts would be made to achieve Rs 49 billion tax target in fiscal year 2020-21 through oil and gas, net hydro profits and tax revenue resources.
As per budget document, total revenue of the province has been estimated as Rs 923 billion including Rs 404.8 billion to be obtained from federal taxes revenue, Rs 48.6 billion under divisible pool of one percent share WOT, Rs 24.1 billion from oil and gas royalty and surcharge, Rs 58.3 billion hydel power profits including arrears, Rs 49.2 billion through provincial revenues, Rs 73.4 billion for FPA settle districts, Rs 12.7 billion for FPA merged districts and Rs 161 billion on accounts of grants of merged districts besides Rs 91 billion others revenues resources.
The Minister said KP Government stand on net hydel profit issue was very clear as many countries were giving share in the revenue obtained from such resources to that particular province.
The Minister said COVID-19 has adversely affected global economy and after 1929 the world was witnessing worst economic recession.
The KP revenue has also decreased by Rs160 billion and with support of masses, the massive challenge of coronavirus would be overcome.