Pakistan, June 21 -- The Punjab government has announced a significant increase in taxes on agricultural income as part of its budgetary measures for the new fiscal year. The government has set a tax revenue target of Rs 10.5 billion from agricultural income, marking a sharp rise of 200% compared to the previous fiscal year's collection.

According to the budget documents, the new tax framework extends corporate tax rules to commercial farms operating on a business or trading basis in Punjab. This means that large-scale commercial agricultural enterprises will now be taxed like corporate entities. Moreover, a super tax has been imposed on individuals earning higher incomes from agricultural activities.

The government has also introduced ...