LAHORE: The Punjab authorities has beneficial a rise in salaries and pensions in its funds for the fiscal 12 months 2026-27, sources within the provincial finance ministry stated on Monday.
All preparations for the presentation of the provincial funds have been finalized, with Finance Minister Mujtaba Shuja-ur-Rehman set to current the funds within the Punjab Meeting on June 16.
In response to finance ministry sources, the funds figures have been finalized and a provincial cupboard assembly might be held at 11:00 am tomorrow to approve the funds proposals forward of the meeting session.
Sources stated the social sector has been given precedence within the upcoming funds, whereas no new taxes are being proposed.
The funds additionally recommends a rise in salaries and pensions according to the rise introduced by the federal authorities within the Price range 2026-27, they added.
The federal funds proposes a 7 p.c improve in salaries for presidency staff and a 7 p.c improve in pensions for retired staff.
Earlier, whereas presenting the federal funds within the Nationwide Meeting, Finance Minister Muhammad Aurangzeb introduced aid measures for the salaried class, together with reductions in revenue tax charges throughout a number of revenue brackets.
Price range 2026-27: Revenue tax slabs for salaried class defined
In response to the proposed federal tax construction, the revenue tax fee for people incomes between Rs2.2 million and Rs3.2 million yearly has been diminished from 23 p.c to twenty p.c.
For these incomes between Rs3.2 million and Rs4.1 million, the tax fee has been lowered from 30 p.c to 25 p.c.
Equally, taxpayers with annual incomes between Rs4.1 million and Rs5.6 million will see their tax fee diminished from 35 p.c to 29 p.c, whereas these incomes between Rs5.6 million and Rs7 million will profit from a discount from 35 p.c to 32 p.c.
The federal authorities stated the revised tax construction goals to supply aid to salaried taxpayers amid persistent inflationary pressures and the rising price of dwelling.
