No new taxes in Azad Kashmir’s Rs141bn budget
June 30, 2021
MUZAFFARABAD: The Pakistan Muslim League-Nawaz-led (PML-N) Azad Jammu and Kashmir (AJK) government on Tuesday presented a “tax-free” Rs141,400 million (Rs141 billion) budget for fiscal year 2021-22 here in the AJK State Legislative Assembly.
The budget provides a development outlay to the tune of Rs28,000 million (2.8 billion) which shows a 14 per cent increase against the current financial year allocations while non-development expenditure has been estimated to Rs113,400 (113.40 billion).
Presenting the budget in the house, Azad Kashmir Finance Minister Dr Najeeb Naqi said the next financial year’s budget has been prepared to project maximum financial resources for the overall development of the state. He said 66 per cent of the developmental budget would be spent for the completion of 176 developmental projects while the work on 209 developmental projects would also be started during the next financial year. He announced 10 per cent ad hoc relief in pay and pensions for employees while 25 per cent Disparity Reductions Allowance had also been proposed in the budget. Explaining the strategy of the developmental budget, he said top priority had been given to the communications sector with an allocation of 10 billion rupees, which was 36 per cent of the total development budget earmarked for the next financial year.