Share of agriculture in Punjab’s new budget to be doubled

In connection with CPEC phase II tech-savvy Agriculture cooperation between Pakistan and China, Punjab budget 2021-22 is going to have double allocation for agriculture projects with emphasis on improving the quality of seeds and agricultural services to boost production, Gwadar Pro reported on Monday.

Inspired by incentives given by China to farmers and implementing new priorities laid down in CPEC phase II, Punjab budget 2021-22 is ushering in a new era of agriculture taxes to boost agro-based initiatives as well as corporate farming.

The tax rate on agricultural services is being curtailed to 1 per cent from 16 per cent for the corporate sector in order to make the sector attractive for investment.

CPEC authority Chairman Asif Saleem Bajwa in a media talk said that efficient and corporate farming is going to be introduced for the first time in the country in cooperation with China under CPEC.