By Asim Shahzad
LAHORE: The government is likely to present the budget for the new fiscal year 2025-26 on June 10. The budget is likely to reduce by 100 billion for development works, including a reduction in the tax rate on the salaried class.
The development budget is likely to be allocated Rs 1,000 billion in the budget, which is Rs 100 billion less than the previous year.
In the new fiscal year, it is proposed to reduce the tax rate on income from 6 lakh to 12 lakh from 5 to 1.5 percent, while the overall reduction may be up to 2.5 percent.
In the new fiscal year, the budget is likely to allocate Rs 150 billion for higher education, Rs 170 billion for NH, Rs 105 billion for power sector, Rs 140 billion for water projects, Rs 14 billion for food security, Rs 3.5 billion for maritime, Rs 3 billion for information technology and Rs 3 billion for industrial production.
In view of inflation, the salaries of government employees are likely to increase by ten to fifteen percent. All proposals will be presented to the cabinet meeting for approval.
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