PESHAWAR: The Khyber Pakhtunkhwa (KP) government has fixed tax on marriage halls in the budget for the financial year 2024-25, here on Friday.
Adviser to the Chief Minister (CM) on Finance Muzamil Aslam while addressing the post-budget press conference said that a tax of Rs 25,000 will be levied on Category A halls and Rs 15,000 on Category B halls.
The adviser said that the KP government has also reduced the tax on restaurants from 10 to 6 percent.
Muzmal Aslam said that Khyber Pakhtunkhwa government will not impose taxes on FATA (Federally Administered Tribal Areas) and PATA (Provincially Administered Tribal Areas).
He also demanded the federal government not to impose taxes in these areas.
Muzamil Aslam said that the provincial government has recently received funds from the federal government for the merged districts.
Earlier in the day, Khyber Pakhtunkhwa Finance Minister Aftab Alam unveiled the provincial budget for the upcoming fiscal year 2024-25, which is estimated to total Rs 1.6 trillion.
In a special cabinet meeting chaired by KP Chief Minister Ali Amin Gandapur, the budget for the financial year 2024-25 as well as the annual development program and finance bill were approved.
Read More: LIVE: KP govt presents Rs1.6 trillion budget for fiscal year 2024-25
He said that the government has also increased its revenue in recent years, but the federal government still owes the province 1800 billion rupees, which has not yet been released.
Talking about the KP Budget 2024-25, the Minister said that it has been prepared in consultation with the business community, focusing on raising revenue through taxation rather than relying on federal funds.
He announced plans to introduce a fixed sales tax on marriage halls, while reducing commercial property tax from 16 percent to 10 percent.
The minister also proposed to reduce property tax on industrial units from Rs 2.5 per sq ft to Rs 10,000 per kanal. He also proposed to reduce the land transfer tax from 6.5% to 3.5%.
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