Hakoomat Nay IMF Ki Shart Man Li | Dunya News
· 09.06.2023 · 10:00:18 ··· ··· Friday ·· 5 (5)
Dunya News #budget2023 #ishaqdar #dunyanews
Amid ongoing political and economic crises, the coalition government is all set to present today the federal budget for the fiscal year 2023-24, with an estimated outlay of more than Rs14.5 trillion.
Finance Minister Ishaq Dar will deliver the budget speech at 4pm in the National Assembly. The NA Secretariat has issued four-point agenda of the budget session.
The federal deficit budget is expected to be 7.7 per cent of the Gross Domestic Product (GDP). Federal Minister for Finance and Revenue Ishaq Dar will present the "deficit" budget with the expected announcement of more than Rs700 billion new taxes.
The budget has been formulated while considering the existing challenges being faced by the economy at domestic and international fronts.
The government is expected to earmark Rs1,150 billion for annual development programme and Rs1,800bn for defense. The levy on petroleum products may be increased. The government employees and pensioners may get 20 per cent and 15pc raise respectively.
The finance ministry has proposed to allocate Rs7,300bn for paying debts and loans and Rs1,300 for subsidies. The proposed tax collection target for the Federal Board of Revenue (FBR) is Rs9,200bn and for non-tax revenue is Rs2,800bn.
Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting exports, promoting industrial growth and bolstering businesses, would be the main focus of the document, the sources said.
The federal government has decided to impose new taxes to the tune of Rs700 billion in the upcoming budget for fiscal year 2023-24.
After intensive consultation with the International Monetary Fund (IMF), the government would set Rs9,200 billion as tax collection target for the Federal Board of Revenue (FBR), around Rs1,900 billion more than the outgoing fiscal year.
The government has finalised the Finance Bill, which has proposed an increase in withholding tax (WHT) on import of luxury items. Furthermore, it has proposed to double the WHT for non-filers on buying and selling in property sector.
Similarly, the bill has proposed hike in WHT on trade of prize bonds
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