ISLAMABAD: The budget of 14 thousand 6 billion rupees deficit for the new financial year will be presented today Federal Cabinet . In the budget, new taxes of 700 billion rupees are proposed to be imposed, while there is also a possibility of increase in salaries and pensions.
The meeting of the federal cabinet to approve the budget for the new financial year is going on, Prime Minister Shehbaz Sharif is presiding over the meeting and Finance Minister Ishaq Dar is briefing the cabinet on the budget.
In the meeting, the Federal Cabinet approved the Federal Development Program (PSDP) worth Rs 1150 billion, in which Rs 491.3 billion have been allocated for infrastructure.
According to sources, the cabinet has approved allocation of 86.4 billion rupees for the energy sector, 263.6 billion rupees for development of transport and communication sector, 99 billion rupees for reservoirs and water sector.
8 billion rupees. 1804 billion rupees have been allocated for defence. The defense budget could not be increased significantly due to the devaluation of the rupee against the dollar.
The defense budget has been allocated to the three armed forces, apart from the Ministry of Defence, defense production, and subsidiaries.
In the financial year 2022-23, the defense budget was allocated 1530 billion rupees, but this time the defense budget has been kept very low according to the value of the rupee.
In the current financial year 2022-23, the armed forces have reduced many of their expenses by participating in the National Savings Campaign.
The cabinet allocated 241.2 billion rupees for the development of social sector, 22.8 billion rupees for the health sector, 81 billion rupees for the education sector and higher education.
9 billion rupees, approved the allocation of 90 billion rupees for programs to achieve the Sustainable Development Goals. In the cabinet meeting, the issue of salaries and pensions of government employees was discussed, for which proposals are being considered.
The government has prepared the draft budget for the financial year 2023-24. 7 of GDP in the budget. A loss of 7 percent or more than 6 thousand billion rupees is expected, while the country’s income is estimated at 9200 billion.
A target of 2800 billion rupees has been set for tax revenue and non-tax revenue for FBR, in which more than 55 percent will be transferred to the provinces, the federation will spend 950 billion rupees on development projects in the next financial year.
200 billion projects will be started under public-private partnership, provinces will spend 1559 billion rupees on development projects. 1800 billion has been earmarked for defence, FBR will collect an additional 1900 billion in the next financial year.
According to the sources, new taxes will be imposed on property sector, companies’ profits, levy rate on petroleum products is likely to be increased further, standard rate of 18% sales tax will be imposed in the budget, 25% sales on luxury items.
Tax will be charged. It is proposed to increase the rate of duty on imported vehicles larger than 1000 cc. Levy rate on petroleum products is likely to be increased further, standard rate of 18% sales tax will be imposed in the budget, 25% sales tax will be levied on luxury items.
It is proposed to increase the rate of duty on imported vehicles larger than 1000 cc. Levy rate on petroleum products is likely to be increased further, standard rate of 18% sales tax will be imposed in the budget, 25% sales tax will be levied on luxury items. It is proposed to increase the rate of duty on imported vehicles larger than 1000 cc.
