+- Pakistan Real Estate Times - Pakistan Property News (https://www.pakrealestatetimes.com)
+-- Forum: Pakistan Real Estate / Property News (/forumdisplay.php?fid=1)
+--- Forum: Latest Pakistan Property & Economic News (/forumdisplay.php?fid=4)
+--- Thread: Punjab Finance Bill passed by majority (/showthread.php?tid=13146)
Punjab Finance Bill passed by majority - Lahore_Real_Estate - 06-25-2011 02:55 PM
LAHORE-With the overt support of PPP and members of the PML-Q’s Forward Bloc, PML-N govt got the Punjab Finance Bill passed from Punjab Assembly on Thursday to fulfil a necessary legal formality for passage of the budget.
Given the fact that the bill was passed with majority vote of the members present in the House at the time of voting (through voice vote), and which is the bare minimum legal requirement for passage of such a bill, the government might have faced greater embarrassment, had the PPP brought all of its 108 members and PML-Q its 32 (excluding Forward Bloc) in the House at the time of voting and both parties had opposed the motion. This would have brought total strength of the Opposition alliance to140, and since not more than 135 to 140 members of both the PML-N and that of Forward Bloc were present in the Assembly at the time of voting over the Finance Bill, the Speaker would have been put in a difficult situation to give his decision in favour of the Treasury.
But since the PPP had already announced to support the bill, such an eventuality was not likely to happen. Interestingly, two important members of the PML-Q Forward Bloc, Dr. Tahir Ali Javed and Mian Atta Maneka did not take part in the voting with latter only joining the House after the bill had been passed.
The Assembly passed Finance Bill 2011 to levy certain taxes and duties and alter their rates. It will come into effect from July 1, 2011 after assent of the Punjab Governor.
The legislation envisages reduction in entertainment duty from 65 per cent to 20 per cent besides decrease in General Sales Tax on Services from existing 17 per cent to 16 per cent. The government believes it will make entertainment affordable to the common man.
The rate of Token Tax for private vehicles with engine capacity higher than 1000 CC has been increased substantially.
Similarly, in order to conserve water, it has been proposed to levy Water Conservancy Charge on swimming pools other than the swimming pools of educational institutions.
The palatial farm houses constructed by affluent persons outside the urban rating have also been brought under tax net. It has been proposed to levy a fix farm house tax on three categories of farm houses having minimum area of four kanals and minimum covered area of 5000 square feet.