Lahore: Punjab presents 4-month budget. The interim government of Punjab has released an income tax-free budget for the beginning of the next fiscal year, 2023-24 (July until October), according to a report released on the 20th of June.
The announced Punjab budget included an investment of PKR 1.719 trillion. It was approved by the cabinet led by chief minister Mohsin Naqvi. Here are the main aspects of the budget
- The wages of all employees in the government will be raised by 30%.
- Pensioners will get an increase of 5%, and pensioners over 80 will get a rise of 20%.
- An increase of 30% in the basic salary of employees in the government
- The budget doesn’t introduce any new taxes.
- The elimination of all provincial taxation on the IT sector
- PKR 325 billion to support the development program in this period.
- A total of PKR 426.87 Billion has been allocated to fund ongoing development schemes
- PKR 941.34 billion is allocated to current expenses
- PKR 1 billion to fund the creation of the fund for journalist endowment
- PKR 70 billion is allocated for social welfare
- PKR 120.4 billion was given for the delivery of services
- The PKR 16.4 billion in capital expenditure has been approved in the energy sector
- PKR 47.6 billion is authorised for agriculture sector development
- PKR 5 billion has been allocated to education.
PKR the 183 billion allocated for health
- PKR 65 billion earmarked for agriculture
- PKR 18 billion has been set aside for irrigation
- PKR 5.3 billion is set aside for the IT industry
Chief Minister Mohsin Naqvi assured the public that no new taxes were implemented. He stressed the government’s determination to assist during difficult times.