The federal budget of 2023-24 has been approved

The National Assembly approved the federal budget of 14 thousand 480 billion rupees for the fiscal year 2023-24.

The Finance Bill 2023 was approved by a majority in the meeting presided over by Speaker Raja Pervez Ashraf.

The motion to bring the Finance Bill under consideration was approved in the National Assembly, the Finance Bill was approved clause by clause.

In the budget, the target of tax collections has been increased from 9,200 billion to 9,415 billion, while the pension payment has been increased from 761 billion to 801 billion rupees.

According to the approved budget, 5 thousand 390 billion rupees will be received under NFC instead of 5 thousand 276 billion rupees.

215 billion new taxes have been imposed under the further amendment of the Finance Bill.

The BISP program has been reduced to Rs 466 billion instead of Rs 459 billion, while the federal development budget will be Rs 900 billion.

Amendment to Petroleum Development Levy Ordinance approved

The Minister of Finance submitted an amendment to the Petroleum Development Levy Ordinance, the National Assembly approved the amendment by a majority vote.

Petroleum Development Levy limit increased from Rs.50 per liter to Rs.60 per liter.

According to the amendment, the federal government will have the authority to impose a levy of up to Rs 60 per litre.

Government officers are prohibited from taking more than 1 pension

During the meeting, Finance Minister Ishaq Dar revealed that some people in the country were taking the pension of Army Chief, Chief Executive and President at the same time, this was a huge burden on the poor country.

Ishaq Dar says that the government has banned government officials from taking more than one pension.

He said that the ban is for government officials from grade 17 to 22, this ban will not be enforced on government officials below grade 17.

The finance minister said that the issue of multiple pensions is an old one which should have been resolved earlier.

Motion to send Finance Bill to Islamic Ideological Council

Maulana Abdul Akbar Chitrali moved the Finance Bill to be sent to the Islamic Ideological Council.

Finance Minister Ishaq Dar opposed the movement of Maulana Abdul Akbar Chatrali.

After the opposition of the Finance Minister, the motion to send the Finance Bill to the Islamic Ideological Council was rejected by a majority.

Opposition member Abdul Akbar Chitrali’s amendment was approved

Opposition member Abdul Akbar Chitrali’s amendment was accepted, which was not opposed by the government.

According to the amendment, Chairman Standing Committees will be allowed to use a vehicle up to 1200 cc, at present it is allowed to use a vehicle between 1300 to 1600 cc.

old Fans will be taxed at Rs 2 thousand per fan

The amendment to impose additional taxes on old technology fans, old bulbs from January 1, 2024 has been approved, the amendment was presented by Federal Finance Minister Ishaq Dar.

According to the amendment, a tax of Rs 2,000 per fan will be levied on fans with old technology from January 1, 2024, and a tax of 20 percent will be levied on old bulbs from January 1, 2024.

The supplementary budget for the financial year 2021-2021 and 2022-23 has been approved, the value of the approved supplementary budget is 1581 billion 74 crore rupees.

For the financial year 2021-22, 69 supplementary demands have been approved, supplementary demands of more than 973 billion 66 crore rupees have been approved.

89 billion 67 crore supplementary money demands have been approved for defence, while the supplementary money demands of more than 11 billion 94 crore rupees of cabinet division have been approved.

Supplementary demands of more than 300 billion rupees of power division and supplementary demands of more than 204 billion 36 crore rupees of petroleum division were approved.

For the financial year 2022-23, 30 supplementary demands of more than 608 billion rupees have been approved, more than 24 billion 98 billion rupees for defense, more than 358 billion 45 billion rupees for power division and 63 billion rupees for petroleum division. A supplementary demand of over Rs.23 crore has been approved.

The session of the National Assembly was adjourned till 5 pm on July 17.

It should be noted that yesterday, the National Assembly had rejected the motions for approval and deduction of monetary demands.