Punjab to announce FY 2016-17 budget today

The provincial budget will be announced in the budget session Punjab Assembly, presided over by Speaker Rana Mohammad Iqbal. The session is scheduled to be held at 03.00 pm on Monday (today).

According to sources, salaries and pensions of serving and retired government employees are likely to be increased in the upcoming fiscal year budget. No relief will be offered in the sales tax on services sectors, sources said.

The provincial government will not impose any additional tax in the new budget.

Reports stated that the government has allocated Rs. 125 billion for education in the province. Rs 13.49 billion have been earmarked for higher education sector along with Rs 550 billion for the annual development programme.

The government has allocated Rs. 3.83 billion for the industries sector in Punjab whereas Rs. six billion have been earmarked for the provincial government’s laptop scheme and provision of school facilities, reports stated.

Punjab Government is likely to allocate Rs 40 billion for the irrigation sector, Rs 18 billion for the energy projects and Rs. 162 billion on the health sector, sources added.