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Punjab has the largest economy in Pakistan, contributing most to the national GDP. The province's share was 60.58% in 2020 to national economy. [2] Sindh which is the second largest province in terms of population and GDP which has steadily continued to grow, contributes 23.7% to the national economy. [2]
The Punjab Finance Department is a department of the Government of Punjab, Pakistan. It is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of financial rules and management of public debt. [1] It is headed by a provincial minister with the coordination of a finance secretary.
Pakistan has one of the largest labour and manpower resources in the world, due to its large population, which is the fifth largest in the world.According to data produced by the CIA World Factbook, the total number of Pakistan's labour force is 57.2 million, making it the ninth largest country by available human workforce. [1]
The taxation system in Pakistan encompasses both direct and indirect taxes, which contribute significantly to the nation’s revenue. Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan . [ 1 ]
Following the international credit crisis and spikes in crude oil prices, Pakistan's economy could not withstand the pressure, and on 11 October 2008, the State Bank of Pakistan reported that the country's foreign exchange reserves had gone down by $571.9 million to $7,749.7 million. [64]
The Punjab budget 2019–20 is the provincial budget of Punjab, Pakistan for the fiscal year beginning from 1 July 2019 and ending on 30 June 2020. [1]It was presented by Provincial Finance Minister Hashim Jawan Bakht on 14 June 2019 at the Provincial Assembly of the Punjab with a total outlay of ₨. 3.2 tn.
The initiative is spearheaded by the Department of Revenue (DoR), Ministry of Finance, with strategic consultancy provided by the National Institute for Smart Government (NISG) and Ernst & Young (E &Y).
Map of Pakistan showing the provinces. Pakistan first issued revenue stamps when it became independent in 1947 and continues to issue revenues to this day. In addition to national issues, the provinces of Balochistan, North West Frontier, Punjab, Sindh, as well as Azad Jammu and Kashmir, West Pakistan and the capital Islamabad also have or had their own stamps.