Lahore, November 15, 2024 – In a significant move, the Punjab Assembly passed the Punjab Agricultural Income Tax (Amendment) Bill 2024 on Thursday, despite opposition protests and a walkout by members of the Pakistan Peoples Party (PPP) and Pakistan Tehreek-e-Insaf (PTI). The bill, which seeks to increase taxation on agricultural income in Punjab, will now go to the governor for final approval, though insiders suggest it may be sent back to the Assembly for reconsideration. The legislation, part of a broader push to tax agricultural income more equitably, extends the tax net to include income from livestock owned by farmers. This approach is intended to broaden the tax base by ensuring that higher-earning farmers contribute proportionately. However, the bill’s opponents argue it aligns too closely with international lending pressures, particularly from the International Monetary Fund (IMF), rather than addressing the unique needs of Pakistan’s farmers. Under the new tax framework, higher-earning farmers will face a progressive tax rate on their agricultural income, including revenue from livestock. In addition, the bill stipulates a daily penalty of 0.1% on unpaid taxes for tax defaulters. Punjab Minister for Parliamentary Affairs Mian Mujtaba Shuja ur Rehman described the bill as part of a “new regime of agricultural income taxation,” aimed at improving equity and revenue generation. The opposition, however, raised strong objections. PPP parliamentary leader Syed Ali Haider Gilani criticized the government for failing to consult opposition parties on the bill’s draft,…