Lahore: The caretaker government of Punjab has unveiled a tax-free budget for the first four months of the upcoming financial year 2023-24 (July to October), according to news published on June 20.
The Punjab budget unveiled, with an outlay of PKR 1.719 trillion, was approved by the cabinet, headed by Chief Minister Mohsin Naqvi. The following are the key highlights of the budget:
The salaries of all government employees will be increased by 30%
Pensions will see a 5% raise, while pensioners above 80 years of age will receive a 20% increase
A 30% increase in the basic salaries of government employees
The budget does not introduce any new taxes
The removal of all provincial taxes on the IT industry
PKR 325 billion for the development program over the next four months
PKR 426.87 billion has been earmarked for ongoing development schemes
PKR 941.34 billion has been allocated for current expenditures
PKR 1 billion for the establishment of the journalist endowment fund
PKR 70 billion allocated for social welfare
PKR 120.4 billion has been allocated for service delivery
PKR 16.4 billion capital investment has been approved for the energy sector
PKR 47.6 billion has been approved for agricultural sector development
PKR 5.3 billion has been earmarked for the IT sector
Chief Minister Mohsin Naqvi assured that no new taxes had been imposed and emphasized the government’s commitment to providing relief during challenging times.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
