Islamabad: The federal government has finalized the revised budget estimates for the upcoming financial year 2023-24, accepting five major demands as per the terms of the International Monetary Fund (IMF).
In order to collect additional taxes of 415 billion rupees from the people in the budget through the amendment finance bill, other measures including imposition of 2.5 percent income tax rate on monthly salary of more than 2 lakh rupees and 5 percent federal excise duty on fertilizer. are suggested.
According to the sources of the Federal Board of Revenue, in the federal budget of the next financial year, a total of 415 billion rupees have been collected from the people, for which it is proposed to increase the income tax rate on salaries of more than two lakh rupees per month. A 2.5% increase in income tax has been proposed on incomes above Rs 2 lakh i.e. Rs 24 lakh per year
read more: Finance Minister accepted IMF’s condition of additional 215 billion rupees in taxes
According to the sources, it is also proposed to impose five percent federal excise duty on fertilizer, it is estimated that an additional income of 35 billion rupees will be obtained from excise duty on fertilizer, while it is proposed to increase one percent tax on the purchase and sale of property. It is proposed to increase the tax on sale and purchase from one to two percent.
Apart from this, the government has proposed to increase the tax target from 9,200 billion rupees to 9,415 billion rupees while accepting the five major demands of the IMF.
The levy on petroleum products will be 60 rupees instead of 50, while it will also be decided to cut 85 billion rupees in ongoing expenses, the volume of new tax measures will be increased from 223 billion to 438 billion, while the BISP budget will be increased from 400 billion. It was increased to 466 billion.
Also read: PM’s meeting with MDIMF, assurance of fulfillment of commitments
Similarly, a committee will be established to deal with tax cases worth 3,200 billion, the pension bill will increase from 761 billion to 801 billion, the share of provinces in the budget will increase from 5,276 billion to 5,399 billion. Next year, the expenses of the federal government will increase to 14 thousand 480 billion
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3&appId=770767426360150”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.7”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));